Solar stocks post worst weekly performance since mid-March after disappointing results

The Invesco Solar ETF (NYSEARCA:TAN) on Friday provisionally ended 7.40% lower for the week, dragged down by disappointing results from major names Enphase Energy (ENPH) and First Solar (FSLR).

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The ETF’s weekly performance was its worst since mid-March. Meanwhile, ENPH slumped 26.6% for the week while FSLR shed 15.8%, with a chunk of those losses coming on Friday.

ENPH after hours on Tuesday guided Q2 revenues below consensus estimates, citing weakness in its U.S. market and higher interest rates. Investors punished the stock on Wednesday, sending it plummeting more than 25%. The plunge also dragged down peers.

Additionally, ENPH’s forecast sparked concerns about weakening solar demand in the U.S. Those worries were already exacerbated earlier this month after new regulations in California cut incentives earned by new buyers of rooftop solar panels.

First Solar (FSLR) then brought more bad news, with the company after hours on Thursday reporting a big miss on both profit and revenue and a fall in bookings. Its stock slid more than 15% on Friday.

Other solar stocks and their weekly performance: SolarEdge Technologies (SEDG) -10.5%, Canadian Solar (CSIQ) -6.1%, SunPower (SPWR) -5.6%, Shoals Technologies (SHLS) -4.9%, Array Technologies (ARRY) – 3.1%, Sunrun (RUN) -0.4%, Sunnova Energy (NOVA) -0.4%.

Now read: Enphase: Avoid Catching Falling Knives

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