Canadian Solar (NASDAQ: CSIQ) saw its stock price skyrocket by 18.10% in Wednesday's intraday trading, riding the wave of a broader rally in solar energy stocks. The surge came as the solar sector received a significant boost from better-than-expected earnings reported by industry peer SolarEdge.

The catalyst for the sector-wide upswing was SolarEdge's third-quarter financial results, which exceeded analyst expectations. The company reported earnings per share of $-0.31, outperforming the analyst estimate of $-0.41 by $0.10. Additionally, SolarEdge's revenue for the quarter came in at $340.21 million, surpassing the consensus estimate of $330.29 million. This positive surprise from a major player in the solar industry sparked optimism across the sector.

The rally was not limited to Canadian Solar, as other solar energy stocks also experienced significant gains. SolarEdge led the pack with a 22% increase, while JinkoSolar rose 9%. Other notable performers included NEXTracker and Array Technologies, both up 6%, as well as Enphase Energy and First Solar, which gained 5% each. Sunrun also joined the upward trend with a 4% increase. This widespread surge underscores the interconnected nature of the solar energy market and investors' renewed confidence in the sector's prospects following SolarEdge's strong performance.