Hot Corner Insider Weekly Report - November 26, 2024

After a tough year, solar stocks might finally be catching some rays of hope.

In just the last two weeks, we’ve seen multiple insiders step in and report significant purchases in some of the top solar names.

While it’s too soon to call a bottom, this cluster of insider activity sends a strong signal that buyers are creeping back into the solar industry.

It’s not just who’s buying—it’s how and when. This lines up perfectly with the broader market environment, where the best setups have been in cycle laggards—and solar is definitely one of them.

In the coming days and weeks, we’ll watch for the technicals to confirm all this bullish insider buying.

For most solar stocks, it’s just a matter of holding the recent lows. Considering the sizable short interests in a lot of these names, we could get some material rebound rallies in the future.

And with Trump back in office, it’s hard not to recall how solar stocks performed during his last term.

Let’s dive into some of our favorite solar plays that have experienced insider buying recently.

First up, we have the prior-cycle leader, Enphase Energy $ENPH:

On November 15th and 20th, the president and CEO, Badrinarayanan Kothandaraman, revealed a purchase totaling $512,697 of Enphase Energy.

The stock is on the cusp of scooping back above a key level of interest and failing a potential distribution pattern.

If and when the bulls can reclaim this level, we expect a fresh leg higher toward the 61.8% retracement of the prior uptrend.

We want to own ENPH above 74.50, with a target of 127.25 over the coming 2-4 months. Over longer timeframes, we’re looking at a secondary objective of the former all-time highs around 332.