Why SolarEdge Technologies Stock Tanked This Week
To say investors in solar energy company SolarEdge Technologies (NASDAQ: SEDG) have had a bad year is an understatement. The stock's sharp decline continued this week. As of Friday midday trading, SolarEdge shares were down by over 15% just this week, according to data provided by S&P Global Market Intelligence.
That drop has contributed to a massive 74% decline SolarEdge shares this year. That more than erased all the prior gains the stock had after it soared in recent years. The company made a big announcement this week, but that didn't stem the stock's losses.
The big news this week was SolarEdge CEO Zvi Lando deciding to resign from that position. Lando will remain as an advisor during the leadership transition and will remain a member of the board of directors. In announcing his resignation, Lando stated, "The road to a full recovery of SolarEdge is still ahead of us and to drive this recovery at a fast pace requires new energy and leadership."
Source Fool.com
