Shares of SunPower and First Solar experienced notable gains on Friday, marking a day of overall growth for the solar sector. SunPower shares surged by 9% to reach $3.53, while First Solar saw a 6% increase, reaching $151.25.
Despite Enphase Energy reporting lower quarterly revenue earlier in the week, its stock also rose by 5% to $122.28 on Friday. SolarEdge Technologies witnessed a 3% increase, reaching $77.72, and Sunnova Energy International also saw a gain of 6%, reaching $11.61. SunRun and Canadian Solar also performed well throughout the day. Comparatively, the S&P 500 experienced a more modest rise of approximately 0.5%.
Following Enphase’s earnings report, Truist Financial commented on the results, stating, “While we wouldn’t categorize ENPH 4Q results/1Q outlook as overwhelmingly positive, the company effectively addressed and alleviated investor concerns regarding potential challenges within the residential solar industry.”
Sunergy Renewables, a residential solar and energy efficiency company in the process of merging with blank-check company ESGEN Acquisition, disclosed a 3% decline in quarterly revenue on Thursday. However, the company acknowledged the existence of significant industry challenges while emphasizing an increase in solar system installations across various regions.