The Israeli solar energy company will join the index of the 500 largest companies on Wall Street that are incorporated in the US.
Israeli provider of power optimizer, solar inverter, and monitoring systems for photovoltaic arrays SolarEdge Technologies Inc. (Nasdaq: SEDG) will join the S&P 500 Index on December 20, S&P Dow Jones Indices has announced. SolarEdge, which currently features on the S&P MidCap 400 is being promoted to the index of the 500 largest companies, which are traded on Wall Street, and incorporated in the US.
The promotion comes less than seven years after SolarEdge held its Nasdaq IPO at a company valuation of $685 million. SolarEdge, which is currently managed by CEO Zvi Lando and was founded by the late Guy Sella, Lior Handelsman, Yoav Galin, Meir Adest, and Amir Fishelov in 2006, has its headquarters in Herzliya but is incorporated in the US. SolarEdge’s current market cap is currently $16.1 billion, providing a 1,600% return since its IPO and making it the second most valuable Israeli company after NICE Systems Ltd. (Nasdaq: NICE; TASE:NICE), which is worth $18.5 billion and ahead of Check Point Software Technologies Ltd. (Nasdaq: CHKP), which is worth $14.5 million.
SolarEdge’s share price has risen 13% over the past year, although it has fallen 17% from its peak in the past few weeks.
In the first nine months of 2021, SolarEdge reported revenue of $1.41 billion, up 28.2% from the corresponding period of 2020. Non-GAAP net profit was $210 million in the first nine months of 2021or earning of $3.71 per share.
Published by Globes, Israel business news – en.globes.co.il – on December 5, 2021.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.