Solar Stocks: Why SPWR, ENPH, SEDG and TAN Are on the Move Today

Solar stocks are all the rage right now with several of them seeing major movement on Wednesday.

rows of solar panels

Source: Love Silhouette /

Among the solar stocks getting the most attention today are SunPower (NASDAQ:SPWR), Enphase Energy (NASDAQ:ENPH), Solaredge Technologies (NASDAQ:SEDG), and Invesco Solar (NYSEARCA:TAN).

The blanket answer for the increase has to do with the change in administration in the U.S. The country is preparing for Joe Biden to take over as the President of the United States and with him comes a focus on green energy.

Of course, it’s not just Joe Biden’s upcoming inauguration that has investors excited. It’s also the fact that another election is underway today. Georgia is holding its elections and current projections have Democrats winning. That would put them one seat closer to controlling the Senate and passing more green energy bills.

Keeping all of that in mind, there are other reasons for the solar stock increases today. Goldman Sachs recently updated its stance on many of these stocks yesterday. That includes SPWR, which got a new price target of $33 per share compared to the previous $23 per share target.

Another company that the firm weighed in on was Enphase Energy. It upgraded the stock to buy from neutral. The analyst also set a new price target of $313, which is quite the bump from the previous $258.

Finally, Goldman Sachs dropped SEDG from positive to neutral. However, it’s not all bad news. At the same time, the firm upped its price target to $313 from $258, reports 24/7 WallSt.

SPWR is up 19.6%, ENPH is up 10.3%, SEDG is up 8.1%, and TAN is up 8.7% as of Wednesday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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