TAN Stock Recent News
TAN LATEST HEADLINES
The renewable energy space continues to struggle against the broad market as oil prices dip and fears of a recession loom. I reiterate my sell rating on TAN as its chart is not encouraging.
Rising oil prices are likely to boost the demand for renewable energy. Favorable government policies, increased environmental awareness, technological advancements, and declining costs of renewable energy production are other tailwinds.
After declining on Wednesday, SolarEdge Technologies (SEDG) is the top gainer in the S&P 500 in midday trading on Thursday, lifting clean energy ETFs. SolarEdge is up nearly 8% as the stock rebounds off yesterday's losses when it fell 1.18% on Wednesday.
While sustainability motives drive some investors, the clean energy megatrend presents financial opportunities for all investors. It's undeniable that significant capital is being invested in creating a greener future, as concerns about the effects of climate change on the worldwide economy grow.
Wall Street ended a tumultuous week in the green amid continued worries over the banking system.
The stock market may look gloomy today, but it may not be long before a big rally takes place. Investing in exchange-traded funds with promising growth prospects can make good sense.
Despite declining in February, Invesco's clean energy ETFs are outpacing broad U.S. indexes year to date. Invesco's broad clean energy fund, the Invesco WilderHill Clean Energy ETF (PBW), has gained 6.47% since year to date as of March 9, while the Invesco Solar ETF (TAN) has increased 5.59%.
With lowered costs and tax incentives available through the Inflation Reduction Act, solar power and wind energy are on track for meteoric growth within the U.S. As a share of new electric-generating capacity each year, solar and wind power is seeing substantial growth, according to the U.S. Energy Information Administration.
Low solar industry price volatility in the trading of company shares has often preceded decent rallies. TAN's latest 5-year history argues to buy shares for a short-term trade, when low Average Directional Index readings are present, like today.
Solar equities performed generally well during 2022's turmoil. Recent price action has been lackluster as the fund consolidates off its 2021 peak.