Top Solar Stocks To Watch In November 2021
Mixed sentiment across the stock market coupled with high inflation figures are keeping investors cautious. That said, solar stocks appear to be heating up lately. We saw the likes of Daqo New Energy (NYSE: DQ) and Sunnova Energy International (NYSE: NOVA) edging higher during last week’s trading session. The driving force to this movement was news of the U.S. Department of Commerce rejecting a request from unnamed solar manufacturers for tariffs to be levied on solar panels made in South East Asia. So, how would this benefit some of the solar companies?
Well, an increase in tariffs would increase the cost of solar panels across the U.S. Hence, leading to lower sales volumes and profits. However, investors should not look too deeply into this new development as it does not change the fundamentals of the solar industry. Instead, more emphasis should be placed on the fact that solar energy adoption is creeping higher by the day. With all said and done, solar stocks appear to be well-positioned for growth in the foreseeable future. So, here are some of the top solar stocks in the stock market today.
Best Solar Stocks To Watch This Month
- Enphase Energy Inc (NASDAQ: ENPH)
- JinkoSolar Holding Co (NYSE: JKS)
- Sunrun Inc (NASDAQ: RUN)
- Canadian Solar Inc (NASDAQ: CSIQ)
Enphase Energy
First, we will be looking at one of the leading energy technology companies in Enphase Energy. Essentially, the company specializes in home energy solutions that manage energy generation, storage, and control on one platform. Besides that, its semiconductor-based microinverter converts energy at the individual solar module level that provides advanced energy monitoring and control.
Last week Monday, the company announced an expansion of partnership with battery storage solutions with Your Energy Solution. The companies are seeing growing interest in Enphase Solar and battery systems as energy consumers prepare for increasingly common power shutoffs. In particular, the Enphase IQ™ Battery features a long cycle life and safe operation through excellent thermal stability. Thus, delivering a safer solar-plus battery solution without exposing homeowners to high-voltage DC.
By the looks of its latest earnings report, the company appears to be trending in the right direction. During its third quarter, Enphase posted a record quarterly revenue of $351.5 million, representing an increase of a staggering 96% year-over-year. Also, the company shipped approximately 2,599,575 microinverters and 65-megawatt hours of Enphase Storage systems. Given these considerations, would you consider adding ENPH stock to your watchlist?
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JinkoSolar
JinkoSolar operates in the photovoltaic (PV) industry. The company builds a vertically integrated solar power product value chain, manufacturing the likes of silicon wafers and solar modules. Its services include solar power generation and solar system Engineering Procurement Construction (EPC) and processing services. Impressively, JKS stock has almost doubled its value over the past six months.
Earlier this month, the company announced plans of investing $70 million for equity in China’s Sichuan Yongxiang Energy Technology Co. It will be used for the construction of a high-purity polysilicon production line with an annual capacity of 100,000 tons. Out of which, Jinko will secure a stable supply of nearly 30,000 tons of high-purity polysilicon every year once the project is fully operational.
On top of that, the company also recently launched a new series of ultra-efficient 2021 Flagship Tiger Neo modules. This adopts N-type TOPCon technology with further enhancements in performance, power, energy density, and reliability. Thus, allowing a maximum power output of up to 620W and an ultra-high conversion efficiency of up to 22.3%. All things considered, do you think JKS stock could continue to push on?
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Sunrun
Following that, we have the home solar, battery storage, and energy services company, Sunrun. Put simply, the company engages in the design, development, installment, sale, and maintenance of residential solar energy systems in the U.S. Not to mention, it offers battery storage along with solar energy systems to its customers. With RUN stock trading sideways for most of the year, could things be looking up now?
In October, the company announced the expansion of its program with SPAN. For those unaware, SPAN is the company that reinvented the electrical panel so homeowners can intelligently control their energy consumption and remove barriers for customers who want to electrify their homes and vehicles. So, the program will accelerate the adoption of home solar and batteries, electric vehicles and so much more.
During Sunrun’s third quarter, it reported total revenue of $438.8 million, more than double that of the prior year’s quarter. Another key metric to focus on would be the number of new customers it added. Sunrun was able to add 30,698 new customers that includes 24,836 Subscriber Additions. With that in mind, do you see RUN stock as a top solar stock to watch now?
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Canadian Solar
To sum things up, we have Canadian Solar. This is a solar power company that provides solar power products, services, and system solutions around the world. In detail, the company has a CSI Solar segment and Global Energy segment. 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.
The company was recently awarded 52 MWp for the solar PV project Caracoli in the recent public auction by Colombia’s Ministry of Energy. This marks the company’s second landmark achievement in Colombia, after the recent awarding of the country’s first utility-scale, stand-alone 45 MWh battery project in Barranquilla. Safe to say, Canadian Solar’s ability to reinforce its leadership position in Latin America is a testament to its healthy track record of excellence of service.
Keen investors should also take note that the company will be announcing its third-quarter earnings report on November 18. After posting strong financial figures across the board in its second quarter, investors will be looking to see if Canadian Solar could keep up its stellar performance. With that said, would you consider investing in CSIQ stock ahead of its earnings report?
