Why SolarEdge, SunPower, and SunRun Stocks Were Up 14% to 27% Today
Solar stocks are getting a ton of love right now. Shares of solar panel installation and services companies SunPower (NASDAQ: SPWR) and Sunrun (NASDAQ: RUN), and solar panel and energy storage equipment maker SolarEdge (NASDAQ: SEDG), gained 20%, 28%, and 14% respectively on Nov. 10. It was a great day for many stocks, with the S&P 500 closing up 5.4%, but clearly investors continue to favor renewable energy stocks.
All three of these companies have reported quarterly results in the past week. Sunrun reported results on Nov. 2, with shares soaring on the 3rd after it reported a 21% increase in customers, 17% higher megawatts of solar capacity installed, and 23% higher recurring revenue from its customers.
SunPower reported similarly impressive results on Nov. 7, with 25% customer growth, a 14% increase in revenue, and strong guidance for the rest of the year. Looking further out, its new partnership with General Motors and expanded deal with Dream Finders Homes add to its already impressive backlog and strong prospects.
Source Fool.com
