NOVA - Why Solar Energy Stocks Are On Fire Today
2023-10-10 13:15:49 ET
Shares of solar energy stocks soared on Tuesday after a fairly negative report by one of the industry's suppliers. This may be more about the market seeing the worst is over for the residential solar industry than about a fundamental improvement in these companies' positions.
Maxeon Solar Technologies (NASDAQ: MAXN) actually dropped 23.7% in earnings trading after reporting preliminary third-quarter results but has recovered and is now up 2.6%. Residential solar stocks were the ones that soared, with Sunnova (NYSE: NOVA) up as much as 12.8%, SunPower (NASDAQ: SPWR) climbing 14.5%, and Sunrun (NASDAQ: RUN) popping 13.8%. The three stocks were up 11.2%, 13.1%, and 12.9% respectively at 12:15 p.m. ET.
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Why Solar Energy Stocks Are On Fire Today