In the latest trading session, SunPower (SPWR) closed at $0.80, marking a -1.6% move from the previous day.
SunPower's role in the market “can easily be absorbed by other players,” says Raymond James analyst Pavel Molchanov
SunPower (NASDAQ: SPWR ) stock is surging higher by about 50% today. Last week, SPWR stock plunged lower by around 75%, marking the solar company's worst ever week.
Residential solar installer SunPower (NASDAQ: SPWR ) is flailing today. Shares of SPWR stock have plunged more than 50% in early afternoon trading, after the company announced plans to halt new leases, installations and shipments to customers.
Storms are brewing around residential solar company SunPower. Shares have fallen 60% in the past five days, even slipping below $1, as news emerged that SunPower had notified its dealer network that it has stopped all sales of solar systems financed via leases or long-term power purchase agreements, and that it would halt shipments of equipment for such projects.
SunPower (NASDAQ: SPWR ) stock is taking a beating on Friday after the solar power company announced that it is halting some of its operations. SunPower alerted dealers that it is no longer taking new orders and that it's halting the shipment of some of its solar power supplies.
SunPower's stock has fallen more than 40% this week and nearly 90% the last 12 months. The collapse this week came after SunPower told dealers that it was halting leases, installations and shipments.
SunPower shares plummeted nearly 20% on Thursday after the solar company informed clients that it is pausing some operations, including deactivating lease and power purchase agreements from its own sales platform and halting new product shipments.
SunPower's problems continued as the company's audit firm quit. As stocks fall, the likelihood of finding more funding goes down.
SunPower's auditor notified the company in June it was resigning. In April, the company said it would be re-auditing its 2022 and 2023 accounting statements.
SunPower Corporation (NASDAQ: SPWR) has been nothing but disappointment for investors over the past twelve months. Still, there's reason to believe that its future may be markedly different from the past year.
With solar energy likely responsible for majority of the increase in domestic power generation, SunPower (SPWR), Nextracker (NXT) and First Solar (FSLR) are well poised to gain.