Shares of Solaredge Technologies Inc SEDG are trading higher following the Senate’s passage of the Inflation Reduction Act.
Why Is It Moving?
The House must approve the bill before President Joe Biden can sign it into law.
While it is titled the Inflation Reduction Act, it accomplishes so much more. It includes tax breaks for domestic renewable energy companies and will increase healthcare benefits for both Medicare and the Affordable Care Act.
Therefore, Solaredge is trading higher since the company now qualifies for federal tax breaks which will boost net profits. The act includes $113 Billion in tax breaks to encourage production of renewable energy plants.
“The clear winners are clean energy, solar and other renewables,” said US Bancorp USB senior investment strategy director Robert Haworth.
Price Action: Shares are up 2.71% as the price climbs to $324.04 during Monday’s pre-market session, according to Benzinga Pro.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.