US investment management company BlackRock Inc. (NYSE: BLK) has increased its stake in SolarEdge Technologies Inc. (Nasdaq: SEDG), the Israeli solar energy technology company has reported. After holding a 7.3% stake at the end of March 2020, BlackRock increased it to 10.3% at the end of June.
Taking an average for the quarter, BlackRock paid an estimated $175 million to increase its stake.
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SolarEdge soars on strong Q4 results
SolarEdge provides power optimizers, solar inverters and monitoring systems for the fast growing photovoltaic arrays market. On Friday, the company’s share price rose 1.44% to $159.44, giving a market cap of $7.913 billion. BlackRock’s stake is worth $815 million.
SolarEdge’s share price has risen 68% since the start of 2020.
Published by Globes, Israel business news – en.globes.co.il – on July 12, 2020
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