U.S. indices were trading lower Wednesday amid continued weakness in tech stocks as investors weigh the Fed's April minutes. Inflation and concerns of future rate hikes have weighed on investor sentiment recently.
Shares of several solar stocks including Enphase Energy, Inc. (NASDAQ: ENPH) and First Solar, Inc. (NASDAQ: FSLR) are trading higher, potentially on optimism towards President Biden's clean energy plan.
Shares of SolarEdge Technologies Inc (NASDAQ: SEDG) underperformed significantly after the company’s first-quarter update, based on investor concerns around the impact of chip shortages persisting into 2022, according to BofA Securities.
With Earth Day just around the proverbial corner, analysts at Evercore ISI initiated affirmative coverage on four clean energy stocks.
Plug Power Inc. (NASDAQ: PLUG): Analyst James West initiated coverage at Outperform with a price target of $42; its current price is $27.24.