Why SolarEdge Technologies Stock Is Trading Higher

SolarEdge Technologies, Inc. SEDG shares are trading 6.03% higher at 281.80 per share Monday. Companies involved in solar technology are trading higher as the sector rebounds following Friday's weakness. Clean energy stocks fell on Friday following news Senator Joe Manchin will not support an economic package that contains new spending on climate change.

The strength is possibly also in sympathy with the broader market following better-than-expected second-quarter earnings from Goldman Sachs, which has lifted market sentiment at large going into the earnings season.

Markets also continue to assess inflation concerns and Fed policy outlook. Heightened U.S. inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth.

Worse-than-expected June CPI data reported last week has caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.

SolarEdge Technologies designs, develops, and sells direct current optimized inverter systems for solar photovoltaic installations. 

According to data from Benzinga Pro, Enphase Energy has a 52-week high of $389.71 and a 52-week low of $200.86.