BlackRock increases stake in SolarEdge to 15.8%
BlackRock now holds a 15.8% stake in Israel-based inverter manufacturer SolarEdge, up from 9% in April 2023. The US investment firm began investing in the company in 2017 and is now its biggest shareholder, according to a statement to the US Securities and Exchange Commission (SEC).
The new investment follows a difficult financial year for SolarEdge. Since announcing record revenues for 2022 at the start of last year, the inverter manufacturer reported a net loss of $61.2 million in its latest financial results, which relate to the third quarter of 2023.
For the third quarter of 2023, the company posted revenues of $725 million, $676 million of which is from its solar segment. However, looking ahead to the fourth quarter, SolarEdge provided guidance of $325 million in revenues.
Its share price has slumped, falling by 67% in 2023 and by almost 80% from its peak in 2021. The company also left the S&P 500 Index in December.
SolarEdge’s share price reached its lowest point on Nov. 1 at €53.65 ($56.53) per share, and stands at €71.17 ($77.86) per share on Jan. 10, 2024.
