SolarEdge Technologies (NasdaqGS: SEDG) and Enphase Energy (NasdaqGS: ENPH) surged Thursday, lifting solar sector-related exchange traded funds.
Among the better-performing non-leveraged ETFs of Thursday, the Invesco Solar ETF (NYSEArca: TAN) advanced by 5.8% and the Global X Solar ETF (RAYS) increased 5.3%.
Meanwhile, SolarEdge shares jumped 11.1% and Enphase shares surged 9.2%. SEDG makes up 10.2% of TAN’s underlying portfolio and 9.4% of TAN. ENPH makes up 11.9% of RAYS and 11.9% of TAN.
SolarEdge shares rallied Thursday after Oppenheimer upgraded the company to an outperform rating with a $334 price target, according to Defense World.
Others have also raised SolarEdge’s price target. For example, Susquehanna Bancshares raised its price target on SolarEdge and gave the company a “positive” rating in a research note last month. Wells Fargo & Company raised its price target on SolarEdge Technologies in a research note on Friday.
Meanwhile, Enphase shares advanced after the company announced that installers of Enphase products in Florida have seen greater deployments of Enphase Energy Systems as Florida homeowners prepare for power outages this hurricane season, according to a press release.
“Having solar panels in the Sunshine State is a no-brainer to save money and reduce a household’s reliance on traditional grid power,” Brian Miller, owner at PES Solar, an Enphase Platinum level installer, said in the note. “Floridians who add Enphase IQ8 Microinverters and IQ Batteries to their residential energy systems can also reap the benefits of being able to continue to generate, store, and use energy when they need it, even when the grid is down.”
Enphase has also been strengthening after the news that Germany was expanding its deployments of Enphase Energy Systems in response to the region’s rising energy prices and rising demand for electricity, according to a separate press release.
“Enphase’s unique software architecture differentiates its solution from almost all other providers for inverter technology,” Jannik Schall, chief product officer and co-founder of 1KOMMA5, said in a note. “The Enphase Energy System is therefore a key attribute to enable our energy service solutions in Germany and other European markets, allowing us to scale and deliver clean energy solutions to as many people as possible.”
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