Solar Stocks Are Charging Higher Today: What's Going On?

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).

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.