Why Several Solar Stocks Are Rising Today

Benzinga2023-02-08

Several solar stocks including SolarEdge Technologies Inc (NASDAQ:SEDG), SunPower Corp (NASDAQ:SPWR) and Sunrun Inc (NASDAQ:RUN) are heating up Wednesday morning after Enphase Energy Inc (NASDAQ:ENPH) shares popped on better-than-expected results and strong guidance.

ENPH Q4 Revenue: $724.65 million beat estimates of $706.51 million
ENPH Q4 EPS: $1.51 beat estimates of $1.24

"We are adding additional manufacturing capacity in the United States due to the strong global demand for our products as well as the incentives related to the Inflation Reduction Act," Enphase Energy said.

Enphase said it expects first-quarter 2023 revenue in a range of $700 million to $740 million versus estimates of $690.46 million. Gross margins are expected to be in a range of 40% to 43%.

Enphase offers smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. The stock was up 8.16% at $247.10 Wednesday morning.

SolarEdge designs, develops and sells direct current optimized inverter systems for solar photovoltaic installations. SolarEdge shares were up 4.75% at $334.57 at the time of writing.

SunPower offers fully integrated solar, storage and home energy solutions. SPWR was up 2.75% at $19.59 at publication time.

Sunrun designs, develops, installs and maintains residential solar energy systems. The stock was up 2.04% at $26.55 at last check.

Related Link: Why Enphase Energy Stock Is Ripping Higher After Hours

Photo: andreas160578 from Pixabay.

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