Good stocks to invest in now? 4 solar actions to know

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Do you have these solar stocks on your watch list?

Solar stocks have warmed up in the stock market over the past two months. Despite a lackluster start to the year, this market segment is now attracting attention. Overall, the Russian invasion of Ukraine disrupted the energy market, causing oil prices to spike. As a result, there is now a renewed interest in solar stocks or renewable energy stocks as a whole. Of course, even before the war, growing environmental awareness and supportive government policies globally benefited the sector.

Not long ago, Daqo New Energy (NYSE: DQ), a leading manufacturer of high-purity polysilicon for the solar photovoltaic industry, provided preliminary estimates of its sales volume in the first quarter of 2022. The company estimates its sales volume to be l order from 37,000 MT to 38,000 tons. That would be a 72% to 77% increase over the prior year quarter. In addition to that, Sun Power (NASDAQ: SPWR) also recently announced the launch of its SunPower Dealer Accelerator program. The program involves investments in local solar resellers to advance their growth. Therefore, it will help accelerate the adoption of renewable energy across the United States. It’s no surprise that many investors are turning to solar energy companies. That said, here are some of the main solar actions on the stock market today.

4 solar stocks to watch this week

Network technologies

Network technologies is a manufacturer of ground mounting systems used in solar power projects. Its flagship product is an integrated system of steel supports, gearboxes, electric motors and single-axis trackers. Most of its products are for building solar power projects and solar developers. Today, ARRY stock jumped 12% at the opening bell. Safe to say that its fourth quarter and full year 2021 financial results which were announced after the market closed on Tuesday played an important role.

The company’s revenue for the quarter improved to $219.9 million, up 22% from the prior year quarter. This is largely due to the continued strong demand for the company’s products. During that time, its total contracts executed and orders awarded stood at $1.8 billion. Of which $1.4 billion came from Array and $0.4 billion from STI Norland. Array’s $1.4 billion is double that of the same date last year and a 42% increase from the prior quarter. Overall, the company’s growth base is now stronger than ever as it heads into 2022 with many positives. Given these exciting developments, would you consider jumping on the ARRY equity bandwagon?

Source: TD Ameritrade Terms of Service

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JinkoSolar

Unlike Array which helps solar companies, JinkoSolar is one of the largest solar panel manufacturers in the world. In detail, the company is building a vertically integrated solar product value chain, ranging from silicon wafers to solar modules. Some of its notable services include solar power generation and solar system engineering supply construction. In fact, JinkoSolar recently announced that they have shipped 100 GW of solar modules worldwide. This makes it the first company in history to take this step. On a large scale, probably every tenth solar module in the world is produced by JinkoSolar.

Additionally, the company recently announced a strong fourth quarter and full year 2021 earnings report. Its total revenue for the quarter was $2.57 billion, up 91.2% sequentially. and 73.9% year-on-year. Additionally, it posted non-GAAP net income of $34.3 million, up 12.8x sequentially and 5.5x year-over-year. Meanwhile, its quarterly shipments were 9,693 MW, representing a 67.9% year-over-year increase. JinkoSolar is extremely happy to end a very difficult 2021 with such excellent results, and rightly so. Given these factors, could JKS stock be one of the top solar stocks to watch right now?

JKS Stock
Source: TD Ameritrade Terms of Service

Phase

Another big name to know in the industry right now is Phase. Simply put, it is an energy technology company with a focus on solar solutions. It is a provider of microinverter-based solar and battery systems that allow people to harness the sun to generate power. Lately, the company has intensified its expansion efforts in Europe. In March, Enphase announced that installers in Spain have seen an increase in residential solar system deployments, powered by the IQ 7+™ and IQ 7A™ microinverters. Now, Enphase is clearly not one to easily rest on its laurels.

The company started the week by expanding its nearly 15-year relationship with Flex, a diversified global manufacturer. Starting in the first quarter of 2023, Flex will begin manufacturing Enphase’s microinverters for the European market in Timisoara, Romania. This would help meet the region’s rapid growth and demand for residential solar solutions as energy prices continue to rise. In addition, this also means that delivery times to its customers in Europe will be improved. So, could ENPH stock still have more room for growth as cleaner energy sources continue to gain traction?

ENPH Stock Chart
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Canadian Solar

To summarize the list, we have another great solar energy company, Canadian Solar. It is basically a supplier of solar power system products, services and solutions with operations around the world. Canadian Solar operates through two segments, CSI Solar and Global Energy. The CSI Solar segment includes the design and manufacture of a range of solar energy products. On the other hand, the Global Energy segment includes global solar power and energy storage projects and asset management services. CSIQ stock is up more than 13% since the start of the year.

In March, the company announced its fourth quarter and full year 2021 financial results. Its revenue reached $1.53 billion, up 47% year-over-year and in line with guidance. forecasts. Meanwhile, its net income was $26 million, or $0.39 per diluted share. Additionally, the company’s gross margin exceeded forecasts at 19.7%. Overall, Canadian Solar ended 2021 on a high note with many positive developments. Market conditions will remain challenging, but its integrated business model will provide it with a long-term competitive advantage. With that in mind, would you consider adding CSIQ stocks to your watchlist?

CSIQ Stock
Source: TD Ameritrade Terms of Service

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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@stockmarket.com



Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@stockmarket.com

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