SunPower (NASDAQ:SPWR) stock is falling hard on Wednesday as the company’s shares face strict criticism from Wolfe Research analyst Steve Fleishman.
The Wolfe Research analyst warns that SPWR stock won’t be able to maintain its current price from the meme stock rally. This has him holding firm to his $2 price target for the company’s shares. For the record, SPWR is currently trading for about $3.16 per share but is down 28% as of Wednesday morning.
Included in this coverage is a downgrade for SPWR stock. Fleishman dropped SunPower’s shares from a “peer perform” rating to an “underperform” rating. The analyst consensus rating for SPWR shares is a reduce rating based on 21 opinions.
SPWR Stock Warning
Here’s what the Wolfe Research analyst has to say about SunPower in a note to clients obtained by Seeking Alpha:
“There have been no recent positive developments […] as the company continues to untangle material internal control issues and historical financial misstatements.”
SPWR stock is also seeing heavy trading today as it retreats from its recent rally. This has more than 17.2 million shares of the stock changing hands as of this writing. That’s already above its daily average trading volume of about 8 million shares.
Investors who are seeking out even more of the most recent stock market stories today are going to want to stick around!
We are offering up all of the hottest stock market stories that traders need to know about on Wednesday! Among that is GameStop (NYSE:GME) stock seeing trading halts, an argument that the meme short squeeze rally is already over and more. You can catch up on all of these topics by checking out the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
