Why SunPower's Shares Jumped 22% Today Before Falling
Shares of residential solar installer (NASDAQ: SPWR) jumped a whopping 22.1% in trading early on Thursday after the company reported $175 million in financing and fourth-quarter 2023 financial results. At 1:30 p.m. ET shares were down slightly on the day, so the early gains have already evaporated.
Quarterly results were secondary today, but I'll start there. Revenue was $356.9 million in the quarter and net loss was $115.6 million, or $0.66 per share. SunPower ended the quarter with just $87.4 million in cash and that's where the problems begin for the company.
In 2024, management expects a net loss of $80 million to $160 million for the year with free cash flow turning positive in the second half of the year.
Source Fool.com
Sunpower Corp. Stock
€2.03
3.570%
Currently there is a rather negative sentiment for Sunpower Corp. with 9 Buy predictions and 13 Sell predictions..
On the other hand, the target price of 7 € is above the current price of 2.03 € for Sunpower Corp., so the potential is actually 245.25%.
