Canadian Solar (NASDAQ: CSIQ) saw its stock price soar by 5.04% in 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, which sparked renewed investor confidence in the entire sector.

The catalyst for the sector-wide upswing was SolarEdge's impressive third-quarter financial results, which exceeded analyst expectations. SolarEdge reported earnings per share of $-0.31, outperforming the analyst estimate of $-0.41 by $0.10. Additionally, the company'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 ignited optimism across the sector, leading to significant gains for various solar stocks.

The rally was not limited to Canadian Solar, as other solar energy companies also experienced substantial increases. SolarEdge led the pack with a remarkable 22% surge, 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.