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SunPower Corporation (NASDAQ:SPWR) shares continue to drop Friday after the company told its customers it is halting shipments and solar installations.
The Details:
SunPower shares fell 40% Thursday after the company informed clients it is halting product shipments and deactivating lease and power purchase agreements. SunPower cited its efforts to address financial challenges as the reason for these pauses, according to Reuters.
JPMorgan Chase analysts said in a research note that they think the halt will be a permanent stoppage.
"We do not believe this is a temporary halt, but rather an indefinite suspension of SPWR's future dealings," wrote analysts led by Mark Strouse, according to a Bloomberg report.
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GLJ Research analyst Gordon Johnson downgraded SunPower to a Sell and slashed the price target from $1.61 to $0 Thursday.
SunPower acknowledged its difficulties, stating, "We continue to dedicate our attention to address our financial position and are actively working to navigate our current challenges," in a statement to Reuters.
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Shares of SunPower have lost 91.37% year to date. This compares to the average annual return of -59.86%, meaning the stock has underperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. SunPower stock currently has an RSI of 24.54, indicating oversold conditions.
For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.
SPWR Price Action: According to Benzinga Pro, SunPower shares are down 39% on heavy trading volume at 91 cents at the time of publication Friday.
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Posted In: SPWR
