TL/DR –

Renewable energy stocks had a recent boost, investing a glimmer of hope for this green industry. SunPower shone the brightest, skyrocketing over 100% early in the week, with Blink Charging and ChargePoint also riding the electric wave. 

Renewable Energy Stocks Making Moves

It’s been a wild ride for renewable energy stocks recently, with meme investing trends causing upheavals. Notably, SunPower (NASDAQ: SPWR) spiked over 100% at one point in the week, and as of noon ET on Friday, was still up 43% for the week, as per S&P Global Market Intelligence. Sunnova Energy International (NYSE: NOVA) followed suit, rising as much as 23.6% and currently up 13.9% for the week.

Renewable Energy Stocks Squeeze

The sudden surge is related to the re-emergence of popular Reddit personality Roaring Kitty, leading to volatility and short squeezes. Companies with large short positions were most impacted. However, this short-term trading phenomenon needs the backing of substantial financial improvements to sustain.

Prospects Looking Up for Renewable Energy Stocks?

There’s good news on the horizon for renewable energy stocks. Reduction in interest rates over the past few weeks is one positive sign, easing the pressure from higher rates. Lower interest rates benefit companies like SunPower and Sunnova, making it more profitable to build and finance projects. Charging companies like ChargePoint and Blink Charging, which have also experienced growth, share similar dynamics.

Original Story at finance.yahoo.com