Solar Energy Stocks
Solar energy equipment and solar panel manufacturing stocks rose again on Wednesday, closing at the highs of the day, as most sectors saw active buying post-FOMC.
Enphase Energy (ENPH), SunPower (SPWR), and Sunrun (RUN) were a few of the winners in the Wednesday session.
Enphase Energy reported 43% EPS growth for the quarter on February 8, while sales growth came in at 56%. Revenue grew 55.8% on a year-over-year basis.
Sunrun reported on February 17, posting revenue growth of 35.8% on a year-over-year basis.
SunRun – Solar Energy Shows Strength
SunPower appears to be starting its next leg higher, with the stock closing(+5.48%) on Wednesday. Confirmation would print if traders buy the stock that produces above average volume. That said, the company reported a loss of $0.05 per share on revenue of $384.5 million on February 16. However, revenue grew 12.5% on a year-over-year basis. We’re looking for this
Solar Energy Stocks
We are looking for trades on above average volume to pickup over the next few days to confirm institutions are accumulating shares in the solar industry stocks that we are currently trading.
Click charts to enlarge.
CSIQ
FSLR
SEDG
Costco (COST), Dollar General (DG),and Williams-Sonoma (WSM) led the market early on Wednesday. Electric-vehicle leader Tesla (TSLA) dropped nearly 1% early Thursday, threatening to give back a part of Wednesday’s strong gains. Quest Diagnostics (DGX), a new position from last Friday, closed at its 200d gaining 5.10% for the week.
Regeneron (REGN) and Vertex (VRTX) were IBD leaders to watch as well.
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Happy Trading,
Vinny
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