Why Enphase and Other Solar Stocks Jumped This Week
Solar stocks have been under pressure in recent months for several reasons. After first-quarter earnings reports, however, the stocks of Enphase Energy (NASDAQ: ENPH), SolarEdge Technologies (NASDAQ: SEDG), and SunPower (NASDAQ: SPWR) reversed that downtrend this week. As of Friday morning, shares of Enphase, SolarEdge, and SunPower were up about 9.5%, 7%, and 6%, respectively, for the week, according to data provided by S&P Global Market Intelligence.
Enphase began the parade of earnings reports last week with record quarterly revenue and strong cash flow from operations. SolarEdge and SunPower reports followed this week. SolarEdge also announced record revenue, which soared 62% over the prior-year period. SunPower also had strong sales, and it said it entered the second quarter with a record backlog after its customer base grew by 40% year over year.
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Source Fool.com
