SPWR - Why SunPower Stock Popped on Friday
2024-06-07 12:09:49 ET
SunPower (NASDAQ: SPWR) stock is on a roll. After a weak start to the week, for the three straight days, shares of the residential solar power specialist have run higher. Including Friday's gain (up 9.1% through 11:30 a.m. ET), SunPower stock is now up a lucky 13% for the week.
Credit for the stock's strong finishing performance probably goes to the Solar Energy Industries Association (SEIA) and a report it published midday Thursday.
According to SEIA's report, the first quarter of 2024 was the second-best quarter ever for the solar power industry in America, with 11.8 gigawatts of direct current solar power added to the grid. What's more the quarter was second to Q4 2023 -- the preceding quarter, meaning solar power companies just booked their two best quarters ever!
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Why SunPower Stock Popped on Friday