JKS - Why Solar Energy Stocks Were on Fire This Week
2023-03-24 09:13:19 ET
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.
For further details see:
Why Solar Energy Stocks Were on Fire This Week