On June 26th, Caixin reported that the American solar equipment manufacturer sunnova energy international announced on Tuesday, June 25th, that one of its customers had applied for bankruptcy protection and may not be able to repay its tens of millions of dollars in debt. The SolarEdge's stock price subsequently plummeted 20%. With the latest stock performance, June 2019 has become the company's worst performing month in history, with a cumulative decline of 46%. Since the beginning of this year, the company's cumulative decline has reached 72%. On Tuesday, with SolarEdge's stock price plummeting, solar stocks in the US fell across the board. Sunnova Energy International (NOVA.US) fell 5.5%, CECEP Solar Energy (formerly known as New Energy Group) fell by about 8.2%, power inverter supplier Enphase Energy fell more than 7.7%, Maxeon Solar Technologies (MAXN.US) fell more than 5.1%, Canadian Solar fell more than 4.5%, and SunPower (SPWR.US) fell about 4%.$SolarEdge Technologies (SEDG.US)$On Tuesday, June 25th, it was announced that one of its customers had applied for bankruptcy protection, and that customer may not be able to repay its tens of millions of dollars in debt. Consequently, SolarEdge's stock price plummeted 20%.

SolarEdge wrote in a filing submitted to the U.S. Securities and Exchange Commission (SEC) that PM&M Electric, a solar cell panel installer in Arizona, owed the company $11.4 million and is currently seeking bankruptcy protection.

The document pointed out that PM&M cannot guarantee the outcome of the bankruptcy process, so in the end, SolarEdge may not receive the debt, or it may only be able to receive it after significant delays.

In the same filing, SolarEdge also stated that it expects an outflow of $150 million in free cash flow for the second quarter of the year, which is mainly due to certain minority equity investments that are freely available, delayed credit provided to some customers, higher-than-expected working capital related to the growth of the US manufacturing industry, and slower payment of accounts receivable.

In addition, the company also stated that it will sell $300 million of convertible preferred notes due in 2029. The company plans to use this capital for restricted call trades, repayment of previous debts and general corporate purposes.

This document reflects more uncertainty and risk factors for the company. As a result of this event, the company's stock price fell more than 20% on Tuesday, June 25, to close at $26.40 per share in the US stock market.

With the latest stock performance, June 2019 has become the company's worst performing month in history, with a cumulative decline of 46%. Meanwhile, since the beginning of this year, the company's cumulative decline has reached 72%.

Several research companies issued reports on SolarEdge a month ago, which were generally positive or at least not too pessimistic. However, the company's fundamentals collapsed in just one month. For example, Mizuho Securities recently downgraded SolarEdge's stock price target from $104.00 to $84.00 and gave the company a "buy" rating; BMO Capital Markets downgraded SolarEdge's target price from $73.00 to $56.00 and gave the stock a rating of "in line" with the market; Barclays Bank raised SolarEdge's target price from $50.00 to $61.00.

On Tuesday, with SolarEdge's stock price plummeting, solar stocks in the US fell across the board.$Sunnova Energy International (NOVA.US)$fell 5.5%,$Daqo New Energy (DQ.US)$fell by about 8.2%,$JinkoSolar (JKS.US)$fell more than 7.7%, power inverter supplier$Enphase Energy (ENPH.US)$fell more than 5.7%,$Maxeon Solar Technologies (MAXN.US)$fell more than 5.1%,$Sunrun (RUN.US)$fell more than 4.5%,$Canadian Solar (CSIQ.US)$fell more than 4.3%,$SunPower (SPWR.US)$fell about 4%.

Editor/Somer