Why Solar Energy Stocks Were on Fire This Week
Solar energy stocks took off this week as investors got some good earnings news and some interest rate relief.
According to data provided by S&P Global Market Intelligence, shares of Canadian Solar (NASDAQ: CSIQ) jumped 9.2% between last Friday's close and the close of trading on Thursday. Following that lead was JinkoSolar (NYSE: JKS) rising 11.7%, Array Technologies (NASDAQ: ARRY) popping 16.1%, Nextracker (NASDAQ: NXT) gaining 10.8%, and Maxeon Solar Technologies (NASDAQ: MAXN) rising 8.6%.
There were two important earnings reports this week. Racking supplier Array Technologies announced that fourth-quarter 2022 revenue was up 83% to $402.1 million and net loss fell by nearly half to $17.3 million. In 2023, the company expects revenue to be $1.8 billion to $1.95 billion with adjusted net income per share of $0.75 to $0.85.
Source Fool.com
