Why SunPower Stock Got Burned Today
The bubble burst on shares of (NASDAQ: SPWR) today after the stock had been soaring this week. The provider of residential solar and energy storage services didn't announce anything new this week, but its stock rocketed higher by 91% in the first two trading days.
That came from a wave of meme stock trading focused on heavily shorted stocks, including SunPower. As of the end of April, an astounding 95% of SunPower shares available to be traded by the public were held by short sellers. But the recent meme craze is already fizzling, and SunPower stock had plunged by 30% as of 10:08 a.m. ET Wednesday morning.
That surge in the stock had nothing to do with the company's fundamentals. SunPower, in fact, has been burning through cash and has a heavy load of short-term debt. One Wall Street analyst put out a note this morning that may have been the wake-up call investors needed.
Source Fool.com
Sunpower Corp. Stock
Our community is currently low on Sunpower Corp. with 8 Buy predictions and 18 Sell predictions.
However, we have a potential of 1041.37% for Sunpower Corp. as the target price of 7 € is above the current price of 0.61 €.
