SolarEdge Technologies (SEDG) Soars to 52-Week High on Q3 Blowout, AI Support Deal

We recently published 10 Stocks Beating the Market with Eye-Popping Gains. SolarEdge Technologies Inc. (NASDAQ:SEDG) is one of the best-performing stocks on Monday.

SolarEdge propelled to a new 52-week high on Monday after rallying for two days in a row, as investors cheered the results of its earnings performance in the third quarter of the year and partnership announcements to support AI data centers.

At intra-day trading, the stock jumped to its highest price of $48.60 before trimming gains to end the day just up by 13.45 percent at $45.38 apiece.

In an updated report, SolarEdge Technologies Inc. (NASDAQ:SEDG) said it trimmed its net loss in the third quarter of the year by 96 percent to $50.06 million from $1.23 billion in the same period last year, on the back of higher gross profit and lower operating loss.

Revenues jumped by 44.68 percent to $340 million from $235 million year-on-year, falling within its earlier guidance of $315 million to $355 million.

In other news, SolarEdge Technologies Inc. (NASDAQ:SEDG) announced that it joined forces with Infineon Technologies for the design and development of a Solid-State Transformer (SST) platform capable of powering the next-generation AI and hyperscale data centers.

SolarEdge Technologies Inc. (NASDAQ:SEDG) said that the new technology would be designed to support 800-volt direct current (VDC) AI data center power architectures.

While we acknowledge the risk and potential of SEDG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SEDG and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.