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Why Enphase Energy, JinkoSolar, and Daqo New Energy shares all erupted




What happened

Shares of the solar inverter manufacturer Enphase Energy (NASDAQ: ENPH), manufacturer of solar modules Solar jinko (NYSE: JKS), and polysilicon producer Daqo New Energy (NYSE: DQ) it all erupted today – to varying degrees and on various hot topics affecting the solar industry.

At 2:10 p.m. EDT, Enphase shares are up 4%, Jinko is up 6.8% and Daqo is doing better, enjoying a 16.6% rise in the share price.

Three colored arrows rising directly on a black background.

Image source: Getty Images.

So what

The reasons for the price increases vary among specific stocks. Enphase Energy, for example, is responding to higher earnings expected from JP Morgan’s stock analyst price target. As reports today, JP believes investors will experience volatility in renewable energy stocks in the coming weeks as earnings reports are released and various stocks rise or suffer disappointing consequences.

In the latter case, JP advises investors to keep an eye out for “buying opportunities” as Enphase – which the analyst says is worth $ 238 a share – is cut even below the share price. of $ 179 today.

At Daqo, there is a whole other catalyst at work. Last week, Daqo announced the IPO of 300 million shares of its subsidiary Xinjiang Daqo on the Sci-Tech Innovation Board of the Shanghai Stock Exchange. Apparently, the IPO price will be RMB 21.49 per share, but if the IPO reaches a higher price, it will benefit Daqo proper, as the owner of 80.7% of the shares. of the branch. By the way, today’s stock price development strongly suggests that investors think the IPO will pop – for the benefit of Daqo.

Now what

And now, what about the third solar stock on this list? And JinkoSolar?

Unlike Enphase and Daqo, there is no specific news on JinkoSolar on threads today. What there is, however, is an even bigger story – one that can encompass Enphase and Daqo as well. Specifically, The Wall Street Journal just reported that across the Sea of ​​Japan at Jinko, the Japanese government has just announced an ambitious plan to double its use of renewable energy in order to halve its use of fossil fuels “over the course of the next decade “.

A revival of the country’s nuclear power plans, along with exploratory efforts in the use of hydrogen fuel, appear to be at the center of Japan’s renewable energy plans. However, wind and solar power will also be a big part of the transition to renewables – which should be good news for Jinko, and good news for solar stocks in general.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a premium Motley Fool consulting service. Were motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.




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