The market for solar products has dramatically decreased in Europe, according to solar product manufacturer SolarEdge, which sent solar stocks plunging on Friday. This furthered the negative feeling towards the renewable energy industry during a challenging year.
Before the opening bell on Friday, the Invesco Solar ETF (TAN) lost 8.5%, and it was expected to open Friday’s trading session at $42.60, its lowest price since July 2020.
After reporting that it had missed expectations for third-quarter revenue, gross margins, and operating income and that it expects “substantially lower” revenue for the fourth quarter, SolarEdge’s stock fell by over 28% in early trade.
As rising interest rates harmed the financing climate for U.S. solar installation this year, the solar business was already having trouble. As of Thursday’s close, SolarEdge and the TAN ETF had each lost 59.7% and 35.9% of the year so far.
Source (CNBC)
