TAN - Another rough week for solar alternative energy stocks

2023-06-22 16:54:29 ET

Solar stocks ( NYSEARCA: TAN ) fell again Thursday, extending a slump in the sector as falling prices compress margins and factory expansions raise fears of overcapacity.

Enphase Energy ( NASDAQ: ENPH ) was among Thursday's worst performers on the S&P 500, sliding as much as 7% before closing -3.2% ; for the week, the stock has shed more than 10% so far.

The Invesco Solar ETF ( TAN ) has lost more than 5% this week, with declines this week in SolarEdge Technologies ( SEDG ) -11.6% , Hannon Armstrong ( HASI ) -9.4% , Sunrun ( RUN ) -7.1% , Shoals Technologies ( SHLS ) -1.6% .

Also losing ground this week: Sunworks ( SUNW ) -11.4% , Daqo New Energy ( DQ ) -10.2% , JinkoSolar ( JKS ) -8.2% , Canadian Solar ( CSIQ ) -6% , SunPower ( SPWR ) -5.4% , Maxeon Solar Technologies ( MAXN ) -2.9% , First Solar ( FSLR ) -1% .

The iShares Global Clean Energy ETF ( NASDAQ: ICLN ) has dropped 3.5% so far this week, with FuelCell Energy ( FCEL ) -13.3% , Gevo ( GEVO ) -10.2% and Plug Power ( PLUG ) -8.4% .

More on solar and clean energy:

• U.S. solar tallied best-ever Q1, with usage seen doubling in next five years
• TAN: Solar stocks jump but broader bearish trends persist
• ICLN: Bad performance with potentially worse outlook

For further details see: