Despite the recent setbacks in the solar industry due to shifting policies and rising costs, the demand for renewable energy remains strong. With signs of a market bottom emerging, now may be an opportune time to invest in some top solar stocks. Here are three multibagger candidates worth considering: First Solar (FSLR), Enphase Energy (ENPH), and Canadian Solar (CSIQ).
Stock futures remained stable on Wednesday as investors prepare for a slew of corporate earnings reports. Companies like Boeing, AT&T, IBM, and Meta Platforms are expected to release their results. In the meantime, here are some of Wednesday’s significant stock movers: Tesla shares surged over 10% after the company announced plans to upgrade its vehicle lineup and introduce new models. Texas Instruments also saw a significant increase, rising by 7%. Conversely, Enphase Energy shares dropped by approximately 8% following lower-than-expected quarterly results. Evotec’s stock value plummeted by over 30% after the company provided an unclear outlook.
At the end of Tuesday’s trading session, key U.S. stock indices displayed positive gains. The Dow Jones Industrial Average climbed 0.7% to reach 38,503.69, the S&P 500 increased by 1.2% to 5,070.55, and the Nasdaq rose 1.6% to 15,969.64. Among the notable gainers were Tesla Inc., Meta Platforms Inc., Enphase Energy Inc., Texas Instruments Inc., and Rivian Automotive Inc.
Enphase Energy’s Q1 results fell short of expectations, with revenues and profitability underwhelming. While revenues in Europe increased, sales in the company’s core domestic market declined due to seasonality and softer demand. Despite meeting guidance ranges, the company’s weak performance and Q2 guidance missed consensus estimates. Analysts expect further estimate reductions, with consensus 2024 revenue and earnings per share projections likely to decrease. Enphase’s heavy exposure to the flagging U.S. market continues to impact its financial performance, while SolarEdge, with its strong presence in Europe, stands to benefit.
Shares of Sunrun Inc (RUN), SolarEdge Technologies Inc (SEDG), and Sunnova Energy International Inc (NOVA) fell in extended trading Tuesday, following the disappointing earnings report from Enphase Energy Inc (ENPH). Enphase reported lower-than-expected quarterly revenue and earnings, attributed to declining US demand and inventory management. The company’s weak guidance added to the selling pressure after hours. Sunnova, Sunrun, and SolarEdge are scheduled to release their quarterly results in early May, and analysts expect mixed performances.
