$3.42 +0.10 (+3.01%)
(as of 06/10/2024 ET)
52-Week Range $1.76
▼
$12.18
Price Target$4.56
SunPower Co. NASDAQ: SPWR offers solar products including high efficiency solar panels and complete solar systems to businesses and homeowners. SunPower manufactures its own photovoltaic (PV) solar panels, Maxeon solar cells with interdigitated back contact (IBC) technology, which are more efficient than optimized passivated emitter and back contact (PERC) panels. Maxeon panels absorb more sunlight because the entire front absorbs sunlight, which converts more photons into energy. SunPower claims to be the #1 solar company in the US.
SunPower shares have been steadily rising along with their peers in the oil/energy sector. It competes with other sellers like it First Solar Inc. NASDAQ: FSLR, Sunrun Inc. (NASDAQ: RUN), and Canadian Solar Inc. NASDAQ: CSIQ.
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Catalyst for Solar Adoption with SunPower
Contents
Solar energy stocks rise strongly in 2024. SunPower offers thousands of reasons to choose solar energy, from annual savings to lower electricity bills to receiving the solar federal tax credit and federal storage tax credit. The global decarbonization effort aims to slow the rate of global warming by 2030.
Global Renewables and the Promise of Energy Efficiency
At COP28 in 2023, 118 countries committed to triple global renewable energy capacity to 11 TW by 2030. However, China, India, South Africa and Egypt did not sign the pledge. The goal is to limit global warming to 1.5 degrees Celsius and keep it below 2 degrees.
SPWR Tries to Trigger an Ascending Triangle Wrinkle
The daily candlestick chart on SPWR shows an ascending triangle pattern that has failed in 2 breakout attempts as the stock continues to pull back into the triangle range. An ascending trendline was formed at $1.77 on April 23, 2024, with higher lows on pullbacks against flat upper trendline resistance at $3.75. SPWR is nearing a tipping point, where a breakout will inevitably occur below an upper trendline or a rising lower trendline. The daily relative strength index (RSI) is cutting around the 56-band. Pullback support levels are at $3.10, $2.62, $2.16 and $1.77.
SunPower Delays Filing of 2023 Form 10-K and Q1 2024 Form 10-Q
The company previously disclosed that management’s company disclosure controls and procedures, as well as internal controls, were not effective for the four quarters of 2023, specifically January 1, April 2, July 2 and October 1. The company’s remediation plan for the material weakness in SunPower’s internal control over financial reporting will be further described in its Form 10-K for the period ending December 23, 2023. This will cause a delay in the filing of its Q1 2024 Form 10-Q report. SunPower plans to restate the Affected Prior Period Financial Statements and file its 2023 Form 10-K and Q1 2024 Form 10-Q as soon as possible.
New Tariffs May Be Coming to Asian Solar Panels
The US International Trade Commission (USITC) has voted to continue its anti-dumping and countervailing duty investigations into certain solar energy imports from Malaysia, Thailand, Vietnam and Cambodia. The ITC is reviewing applications from manufacturers who allege that imports are being sold below cost to unfairly benefit from billions of dollars in subsidies. Many of these subsidies are offered directly by Chinese government agencies. The ITC’s initial determination was that there was a reasonable showing of pecuniary injury to US producers.
The vote allows the US Commerce Department to continue investigating whether international manufacturers are dumping solar products and receiving illegal government subsidies. This may lead to the collection of initial fees starting in July 2024.
SunPower Now Offers The Tesla Powerwall 3 To Its Product Portfolio
On May 22, 2024, SunPower announced that it would offer Tesla Inc. NASDAQ: TSLA As part of the Powerwall 3 battery storage solution product portfolio. The Powerwall 3 has 11.5 KW of power and 13.5 kWh of energy to power the entire home and efficiently capture solar energy. Combining a SunPower Equinox solar system and a Tesla Powerwall 3 makes sense for homeowners. SunPower also expanded its financing. The company expects that 25% of American homeowners who install rooftop solar panels will also add a battery storage system.
SunPower analyst ratings and price targets at MarketBeat.
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