Although solar stock prices have been surging higher, should investors buy? Let’s examine the graph.
For the bulls, it has been a year of suffering, but at least one sector has been doing well recently: solar stocks.
Despite the fact that the energy sector has performed well in 2022—by far the best—solar stocks have not.
This group has had difficulty in 2022, as seen by the Invesco Solar ETF (TAN) – Get Invesco Solar ETF Report’s peak-to-trough loss of 45 percent from its November 2021 high to its May 2022 low.
Having said that, the ETF is currently in the black for the year with its shares up approximately 9%.
The last three months have seen gains for solar stock. Even though that span includes just a 0.4 percent increase in June, it also includes gains of 10.7 percent in May and over 20 percent in July. In addition, when the market as a whole saw fresh lows in June, the TAN ETF did not.
Additionally, last week saw the release of Enphase Energy’s (ENPH) – Get Enphase Energy Inc. Report results. On July 27, the stock shot up more than 17 percent, and it has increased every session since. Enphase stock is up more than 34% since the business released earnings after reaching fresh highs today.
Consequently, Enphase provided a bullish trigger for the group in addition to the recent relative strength of solar stock prices. Will the rally go on?
TAN exchange-traded fund is how I’m mostly researching solar stock. All of June and the most of July saw the $77 to $78.50 region consistently reject the ETF. That came to an end with the upward breakthrough last week.
the source used in the preparation of the news: https://www.thestreet.com
