NOVA - SunPower Stock Jumped 105% Leading Residential Solar Energy Stocks
2024-05-14 17:05:41 ET
Solar energy stocks had an incredible day on Tuesday with SunPower (NASDAQ: SPWR) jumping as much as 105% in trading before closing up 61.6% on the day. Call it meme trading or a short squeeze, but shares were up huge on almost no news for the industry.
SunPower wasn't the only solar stock moving today. Sunnova Energy International (NYSE: NOVA) was up as much as 32.8% and closed the day up 27.8%, while Sunrun (NASDAQ: RUN) rose 15.5% before closing up 6.5%. Will the gains today last?
Yesterday started a major run-up in stocks that were popular in the 2020 and 2021 meme craze, including SunPower, Sunnova, and Sunrun. But the move was given fuel by what appears to be a short squeeze, and you can see below that SunPower's large short interest percentage has fueled its rise.
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SunPower Stock Jumped 105%, Leading Residential Solar Energy Stocks