SolarEdge share price hits five-year low

Israeli solar energy company SolarEdge Technologies (Nasdaq: SEDG) has seen its share price hit a five-year low earlier this week after its US rival Enphase published its financial results showing a slower than expected recovery in the industry.

SolarEdge’s share price fell to $55, giving a market cap of $3.2 billion. The share price has since recovered slightly to $57.86 but is still down nearly 40% since the start of the year. At its peak in late 2021, SolarEdge’s share price was $364, giving a market cap of over $20 billion, making it for a brief while Israel’s most…