Why Solar Energy Stocks Dropped Like a Rock Last Year
There wasn't a lot of positive news in 2023 for the solar energy industry. Rising interest rates, higher labor costs, and regulatory changes all hit the industry hard, sending stocks lower across the board.
According to data provided by S&P Global Market Intelligence, (NASDAQ: SPWR) fell 73.2% during 2023, Enphase Energy (NASDAQ: ENPH) was down 50.1%, and SolarEdge Technologies (NASDAQ: SEDG) was down 67%. Shares haven't made much of a recovery in the first few days of trading in 2024.
The biggest impact on solar energy companies in 2023 was interest rates. Higher rates make it more expensive to finance energy projects, and that cuts into margins for installers, putting pressure on the entire industry.
Source Fool.com
Sunpower Corp. Stock
€0.89
-1.510%
Our community is currently low on Sunpower Corp. with 9 Buy predictions and 20 Sell predictions.
However, we have a potential of 570.47% for Sunpower Corp. as the target price of 6 € is above the current price of 0.89 €.
