The solar-energy sector experienced a decline on Monday, largely due to negative news from SolarEdge. This warning from SolarEdge had a ripple effect across the sector, with stocks in companies such as FirstSolar, Enphase Energy, and SunRun all taking a hit.
FirstSolar, in particular, saw a significant drop of 8.5% following recent optimism surrounding its role in powering advancements in artificial intelligence. Investors are now eagerly anticipating the release of FirstSolar’s next quarterly results on July 30.
Enphase Energy and SunRun also saw declines of over 5% and 9% respectively, while the Invesco Solar Exchange-Traded Fund (TAN) fell nearly 6%. SolarEdge itself experienced a 15% drop, citing excess inventory and staff cuts in response to the current downturn in the solar industry.
While solar shares were down, the S&P 500’s energy sector saw a rise, driven by oil companies like Chevron and ExxonMobil. This divergence in performance highlights the ongoing shifts and challenges within the energy industry as a whole.
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