Solar Stocks Plummet as Demand Warning Sends SolarEdge Down 30%
Solar stocks, including SolarEdge Technologies, experienced a significant drop after the company slashed its third-quarter revenue guidance due to weakened demand in Europe. SolarEdge's stock fell nearly 30%, dragging down other solar stocks and the Invesco Solar ETF. The company attributed the decline in demand to higher inventory levels and slower installation rates. This news adds to the struggles faced by solar stocks this year, which have been impacted by inflation, rate hikes, and supply chain issues. SolarEdge's stock is down nearly 75% for the year, making it one of the worst performers in the S&P 500. Analysts have also trimmed their outlook for the company and expressed broader concerns for the solar industry.