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Shares of several solar companies are trading higher Wednesday in sympathy with Enphase Energy Inc (NASDAQ:ENPH), which reported better-than-expected financial results late Tuesday.
Some of the solar names trading higher in the wake of Enphase's quarterly results include First Solar Inc (NASDAQ:FSLR), Canadian Solar Inc (NASDAQ:CSIQ), SolarEdge Technologies Inc (NASDAQ:SEDG) and Sunrun Inc (NASDAQ:RUN).
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What Happened: Enphase reported third-quarter revenue of $634.71 million, which beat average analyst estimates of $610.65 million, according to Benzinga Pro. The company reported quarterly adjusted earnings of $1.25 per share, which beat average estimates of $1.08 per share.
Enphase said it expects fourth-quarter revenue to be between $680 million and $720 million versus average analyst estimates of $660.21 million. Several solar names traded higher on the report.
First Solar designs and manufactures solar photovoltaic panels, modules and systems for use in utility-scale development projects. The stock was up 4.31% at publication time.
Canadian Solar is an integrated provider of solar power products, services and system solutions. CSIQ shares were up 6.9% at last check.
SolarEdge designs, develops and sells direct current optimized inverter systems for solar photovoltaic installations. The stock was up 8.33% at time of publication.
Sunrun is engaged in the design, development, installation, sale, ownership and maintenance of residential solar energy systems in the United States. RUN shares were up 6.91% at publication time.
Photo: schropferoval from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.