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Good Stocks To Invest In Right Now? 4 Solar Stocks To Know

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Apr 06, 2022 (StockMarket.com via COMTEX) -- Do You Have These Solar Stocks On Your Watchlist?

Solar stocks have been heating up in the stock market the past couple of months. Despite a lackluster start to the year, this segment of the market has now been gaining attention. By and large, the Russian invasion of Ukraine has caused disruption to the energy market, causing oil prices to jump. As a result, there is now a renewed focus on solar stocks or renewable energy stocks as a whole. Of course, even before the war, rising environmental awareness and supportive government policies globally have benefited the sector.

Not long ago, Daqo New Energy ( NYSE: DQ ), a leading manufacturer of high-purity polysilicon for the solar PV industry, provided preliminary estimates of its sales volume in the first quarter of 2022. The company estimates that its sales volume would be in the range of 37,000 MT to 38,000 MT. This would be an increase of 72% to 77% compared to the prior year's quarter. On top of that, SunPower ( NASDAQ: SPWR ) also recently announced the launch of its SunPower Dealer Accelerator Program. The program involves investments in local solar dealers to advance their growth. Hence, it will help speed up the adoption of renewable energy across the U.S. It is no surprise why many investors are tuning in to solar energy companies. With that said, here are some of the top solar stocks in the stock market today.

4 Solar Stocks To Watch This Week

Array Technologies

Array Technologies is a manufacturer of ground-mounting systems used in solar energy projects. Its core product is an integrated system of steel supports, gearboxes, electric motors, and single-axis trackers. Most of its products are catered to building solar energy projects and solar developers. Today, ARRY stock surged 12% upon the opening bell. Safe to say, its fourth quarter and full-year 2021 financial results that were announced after the market closed on Tuesday played a significant role.

The company's revenue for the quarter improved to $219.9 million, up 22% compared to the prior year's quarter. This is largely driven by the continued strong demand for the company's products. Meanwhile, its total executed contracts and awarded orders were $1.8 billion. Out of which, $1.4 billion was from Array and $0.4 billion from STI Norland. The $1.4 billion from Array is double that of the same date last year and a 42% increase from the previous quarter. Overall, the company's foundation for growth is now stronger than ever as it heads into 2022 with plenty of positives. Given such exciting developments, would you consider jumping on the ARRY stock bandwagon?

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JinkoSolar

Unlike Array which aids solar companies, JinkoSolar is one of the largest solar panel manufacturers in the world. In detail, the company builds a vertically integrated solar product value chain, manufacturing from silicon wafers to solar modules. Some of its notable services include solar power generation and solar system Engineering Procurement Construction. In fact, JinkoSolar recently announced that it has delivered 100GW of solar modules globally. This makes it the first company in history to achieve this milestone. On a sense of scale, one out of every ten solar modules in the world is likely produced by JinkoSolar.

Furthermore, the company recently announced a strong fourth-quarter and full-year 2021 earnings report. Its total revenues for the quarter came in at $2.57 billion, up by 91.2% sequentially and 73.9% year-over-year. Also, it posted a Non-GAAP net income of $34.3 million, an increase of 12.8 times sequentially and 5.5 times year-over-year. Meanwhile, its quarterly shipments were 9,693 MW, representing an increase of 67.9% year-over-year. JinkoSolar is extremely pleased to close a very challenging 2021 with such excellent results, and rightly so. Considering these factors, could JKS stock be one of the top solar stocks to watch right now?

Enphase

Another top name to know in the industry right now is Enphase. Put simply, this is an energy technology company that emphasizes solar solutions. It is a supplier of microinverter-based solar and battery systems that allow people to harness the sun for energy. Lately, the company has been ramping up its expansion efforts in Europe. In March, Enphase announced that installers in Spain have seen an increase in deployments of residential solar systems, powered by IQ 7+(TM) and IQ 7A(TM) Microinverters. Now, Enphase is clearly not one that easily rests on its laurels.

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

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Canadian Solar

To sum up the list, we have another top solar power company, Canadian Solar. Essentially, it is a provider of solar power products, services, and system solutions with operations around the world. Canadian Solar operates through two segments, CSI Solar and Global Energy. The CSI Solar segment involves the design and manufacturing of a range of solar power products. On another hand, the Global Energy segment consists of global solar and energy storage power projects and asset management services. CSIQ stock has risen 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 increased to $1.53 billion, up 47% year-over-year and in line with guidance. Meanwhile, its net income was $26 million, or $0.39 per diluted share. In addition, the company's gross margin exceeded guidance at 19.7%. All in all, Canadian Solar ended 2021 on a high note with plenty of positive developments. Market conditions will remain challenging but its integrated business model will provide a competitive advantage long-term. With that in mind, would you consider adding CSIQ stock to your watchlist?

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COMTEX_405321789/2688/2022-04-06T13:27:32

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