Market Rebound and Renewable Energy Stocks: What You Need to Know About SolarEdge, GoodRx, BigCommerce, 8x8, and Angi Soaring

The stock market experienced a significant rebound in the afternoon session as major indices, including the Nasdaq and S&P 500, gained 1.4% and 1.0%, respectively. The main driver behind this surge was the reported ceasefire between Israel and Iran, which eased concerns about potential disruptions to global oil supplies. This de-escalation in a volatile region helped to lower crude oil prices, further calming markets.

In addition, Federal Reserve Chair Jerome Powell's dovish signals in his Congressional testimony reaffirmed a "wait-and-see" approach on interest rates, improving investors' appetite for stocks and other risk assets.

Stocks That Jumped

Several stocks saw significant gains in the session, including:

• SolarEdge (NASDAQ:SEDG), a renewable energy company, jumped 10.4%.
• GoodRx (NASDAQ:GDRX), a healthcare technology for patients company, gained 5.7%.
• BigCommerce (NASDAQ:BIGC), an e-commerce software company, rose 5.5%.
• 8x8 (NASDAQ:EGHT), a video conferencing company, increased 6.1%.
• Angi (NASDAQ:ANGI), a gig economy company, gained 5.2%.

SolarEdge (SEDG) in Focus

SolarEdge's shares have been extremely volatile, with 97 moves greater than 5% over the last year. However, the recent surge indicates that the market's perception of the business has been significantly impacted by the current news. The previous big move was seven days ago when the stock dropped 40% on the news that a U.S. Senate panel proposed phasing out solar and wind energy tax credits by 2028. This proposal has raised concerns about future profitability and project viability for solar companies.

Despite being up 17.7% since the beginning of the year, SolarEdge is still trading 47.6% below its 52-week high of $33.25 from June 2024. Investors who bought $1,000 worth of SolarEdge's shares five years ago would now be looking at an investment worth $117.32.

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