It was another week of scorching gains for many solar-energy stocks. SolarCity Corp (NASDAQ:SCTY) has led the way, hitting another new high in tacking on another 8% gain on the week.
The stateside installer of solar-energy systems has seen its stock more than quadruple this year, making it one of the market’s hottest stocks. Now we’re starting to see component makers start to take off.
It may seem an odd time for a rally in solar. China and Europe — two markets that were all over alternative energy when before the global economy slipped — have been slow to back new solar projects. We’re also seeing oil and other energy prices weaken, and it’s usually a spike in energy that forces companies and consumers to consider the costly solar-energy installations that pay off over time.
However, it was a hot week for solar energy, and if you think SolarCity Corp (NASDAQ:SCTY) had a strong week, check out these four more established bellwethers that scored even better gains.
| Company | May 24 | Weekly Gain | My Watchlist |
|---|---|---|---|
| JA Solar Holdings Co., Ltd. (ADR) (NASDAQ:JASO) | $8.03 | 43% | Add |
| JinkoSolar Holding Co., Ltd. (NYSE:JKS) | $8.75 | 16% | Add |
| Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) | $3.19 | 16% | Add |
| Trina Solar Limited (ADR) (NYSE:TSL) | $6.17 | 10% | Add |
Source: Yahoo! Finance.
The company also shored up its finances by paying off $119 million in convertible notes this month, inspiring at least one worrywart on Wall Street to change its tune. RBC Capital is boosting its price target on JA Solar Holdings Co., Ltd. (ADR) (NASDAQ:JASO) from $1 to $8.
When a solar-energy company posts a positive surprise, it benefits peers that will be reporting later, and that helps explain the double-digit percentage gains at the three other winners that will stepping up with fresh financials in the coming days.
Trina Solar Limited (ADR) (NYSE:TSL) and Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) will report quarterly results on Wednesday and Thursday, respectively. The market isn’t holding out for great performances here. Trina and Yingli are expected to post widening quarterly deficits with double-digit percentage declines in revenue. However, JA Solar Holdings Co., Ltd. (ADR) (NASDAQ:JASO)’s robust report suggests that there may be some upside surprises in those dreary outlooks.
