Why SolarEdge Technologies Is Soaring This Week
Investors in solar technology company SolarEdge Technologies (NASDAQ: SEDG) are feeling pretty sunny this week. Shares of the company jumped after it reported third-quarter earnings Monday evening, and then kept rising. By midday trading on Friday, SolarEdge shares were higher by about 32% for the week, according to data provided by S&P Global Market Intelligence.
Investors cheered the company's quarterly report after it achieved record revenue from both its solar segment and overall business. Sales beat expectations and management provided an outlook for the fourth quarter saying growth will continue.
SolarEdge stock jumped 19% on the trading day following that release, but continued to move higher throughout the week. That extra boost mainly came from the economic data that was released on Thursday.
Source Fool.com
