Solar Stocks Power Up on Hot Expectations (NASDAQ: SEDG) (OTC US: GSFI) (NASDAQ: SPWR)
February 09, 2021 at 08:56 AM EST
To close last year, the U.S. was on pace to install a 19 gigawatts of new solar capacity for the year of 2020 — a new record. That comes from Wood Mackenzie and the Solar Energy Industries Association.
This record is set to be beaten in 2021 if you believe the messaging from the new caretakers of Washington DC. That pace is set to be matched by a similar progression going in the EU.
Underlying drivers include supportive policies in major markets around the world, the greening push for electric grids, and a tsunami of capital earmarked for the energy transition ahead.
With that in mind, we take a look at a few of the more interesting names in the solar energy space today, including: Solaredge Technologies Inc. (NASDAQ: SEDG), Green Stream Holdings Inc. (OTC US: GSFI), and SunPower Corporation (NASDAQ: SPWR).
Solaredge Technologies Inc. (NASDAQ: SEDG) trumpets itself as a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress.
SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions.
Solaredge Technologies Inc. (NASDAQ: SEDG) recently announced today the appointment of Yogev Barak as Chief Marketing Officer of SolarEdge and the appointment of SehWoong Jeong as Chief Executive Officer of its subsidiary, Kokam.
“I am excited to have Yogev and SehWoong join our senior management team and I am confident the leadership and industry experience they bring will help us continue to grow in the solar market and new segments we are addressing,” said Zvi Lando, CEO of SolarEdge Technologies, Inc.
And the stock has been acting well over recent days, up something like 6% in that time. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -10%.
Solaredge Technologies Inc. (NASDAQ: SEDG) managed to rope in revenues totaling $338.1M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of -17.6%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($1.2B against $382.5M).
Green Stream Holdings Inc. (OTC US: GSFI) boasts next-generation solar greenhouses constructed and managed by Green Rain Solar, LLC, a Nevada-based division, utilize proprietary greenhouse technology and trademarked design developed by world-renowned architect Mr. Antony Morali. The Company is currently targeting high-growth solar market segments for its advanced solar greenhouse and advanced solar battery products.
The company sees “a new era for Renewable Energy and its Solar Utilities/Financing model as stocks rise in advance of the inauguration of Joe Biden as the 46th President of the United States,” according to its most recent release.
Green Stream Holdings Inc. (OTC US: GSFI) most recently announced the appointment of Mr. James C. DiPrima as the new corporate Chief Executive Officer. Mr. James C. DiPrima has a Bachelor of Science in Business Administration from Creighton University, Omaha, Nebraska. His career includes 40 years of finance and accounting in both the public and private sectors beginning his career at Deloitte & Touche.
“I am eager to expand the already existing opportunities that Green Stream’s innovative solutions will provide to commercial solar energy markets on the East Coast. There is unlimited potential in this segment of the renewable energy space,” commented James C. DePrima, CEO.
GSFI shares have been booming higher over the past six weeks, breaking out above the stock’s 200-day MA and ripping higher to close out last week. In all, shares of the stock are up over 500% since the holidays, with momentum accelerating in recent trade as the sector picks up interest.
Green Stream Holdings Inc. (OTC US: GSFI) has yet to begin booking revenues, but the company has put in place a fertile pathway to potential strong results in the future given its positioning and range of projects in one of the most promising market spaces for investors over coming years.
SunPower Corporation (NASDAQ: SPWR) operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.
SPWR also offers commercial rooftop and ground-mounted solar power systems, and residential mounting systems, as well as utility-scale photovoltaic power plants. In addition, the company provides post-installation operations and maintenance services.
SunPower Corporation (NASDAQ: SPWR) recently announced the election of Suzanne Leta, head of policy and strategy, to the executive committee of the Solar Energy Industries Association (SEIA) Board of Directors.
“Without question, 2021 is shaping up to be another exciting year for solar and energy storage,” said Abigail Ross Hopper, President and CEO of SEIA. “Suzanne’s expertise, energy and dedication will be an instrumental part of our ability to meet SEIA’s goals in the Solar+ Decade. SEIA has already benefited from Suzanne’s involvement over the years, and together we will advance aggressive clean energy goals and invest in modern infrastructure and a diverse workforce.”
The stock has suffered a bit of late, with shares of SPWR taking a hit in recent action, down about -7% over the past week.
SunPower Corporation (NASDAQ: SPWR) generated sales of $274.8M, according to information released in the company’s most recent quarterly financial report. That adds up to a sequential quarter-over-quarter growth rate of -21.9% on the top line. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($341.3M against $754.3M, respectively).
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