SolarEdge’s stock plunges toward worst-ever one-day performance, set to wipe out $1.8 billion in market cap

Shares of SolarEdge Technologies Inc.
SEDG,
-27.27%
plummeted 28.3% in premarket trading Friday, after the solar power equipment maker cut its earnings outlook. That put the stock on track to suffer the biggest one-day selloff since going public in March 2015, breaking the previous record of a 22.9% drop on Nov. 3, 2020. The stock was also set to open at the lowest price seen during regular-sessions hours since April 6, 2020. The stock’s implied price drop ahead of the open would wipe out about $1.82 billion in market capitalization. The company’s downbeat outlook late Thursday prompted Oppenheimer’s Colin Rusch to downgrade the stock to perform, after being at outperform for the past 16 months, as the challenges the company signaled were “much deeper” than previously suggested. The stock had already plunged 56.7% over the past three months through Thursday, while the Invesco Solar ETF
TAN,
-6.05%
had tumbled 34.6% and the S&P 500
SPX,
-1.26%
had shed 5.7%.