MAXN - Why Residential Solar Stocks Dropped This Week
2023-10-27 13:32:46 ET
There wasn't a lot of good news coming from the solar industry this week. SunPower (NASDAQ: SPWR) said it needed to restate earnings for the last year and a half, Enphase Energy (NASDAQ: ENPH) gave terrible guidance, and a short report hit Sunrun (NASDAQ: RUN) .
According to data provided by S&P Global Market Intelligence , at 1 p.m. ET on Friday, shares of Maxeon Solar Technologies (NASDAQ: MAXN) are down 19.8% since Friday's close, Enphase has dropped 17.7%, SunPower is down 20.2%, and Sunrun has dropped 8.3%.
Shares of SunPower fell after the company said it would need to restate earnings from the start of 2022 through today. The reason was inventory at a third-party supplier being understated by "$16 million to $20 million." That may or may not be a big deal long-term, but investors don't like restatements of financials.
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Why Residential Solar Stocks Dropped This Week