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.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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