SunPower Stock Is Down 55% This Year. Is It a Buy? [Yahoo! Finance]
SunPower Corporation (SPWR)
Last sunpower corporation earnings: 2/12 04:05 pm
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US:NASDAQ Investor Relations:
investors.sunpower.com
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Source: Yahoo! Finance
The latest setback came earlier this month as the residential solar services specialist disclosed it found errors in its financial statements going back to 2022, and that they need to be restated. This follows what has already been a difficult period for the company dealing with weak sales and widening losses in a tough industry environment. Considering the financial challenges and ongoing uncertainties facing SunPower, this is a stock investors should avoid. What's happening SunPower disclosed misstatements related to capitalized costs and the classification of expenses in its 2022 audited financial statement and results through the first nine months of 2023. This will result in a charge of between $15 million to $25 million to income from continuing operations. The amounts here are significant in the context of SunPower's current market cap of around $340 million. The company reported a net loss of $277 million in 2023, implying the amended result will be about 5%-10% lower
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- SunPower Co. (NASDAQ: SPWR) was downgraded by analysts at Wolfe Research from a "peer perform" rating to an "underperform" rating. They now have a $2.00 price target on the stock.MarketBeat
- Meme stock squeezes and new tariffs shake up US solar sector: Maguire [Reuters]Reuters
SPWR
Earnings
- 2/15/24 - Miss
SPWR
Sec Filings
- 5/13/24 - Form NT
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- SPWR's page on the SEC website