SunPower Sees Surge As Meme Stock Rally Increases

May 14, 2024 By MarketDepth

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Solar energy station, alternative electricity source

SunPower (SPWR) has seen a surge in its stock price as the meme stock rally broadens. SunPower has been under pressure since the beginning of the year closing off last week at under $3 a share. The surge at the start of the week has put the stock price back at par to beginning of the year.

The push is also supported with the USA increasing taxes on Chinese made solar panels and EVs. This is positive news for the whole sector as Chinese solar panels have been flooding the market and pushing prices downward.

SunPower closed the day up over 59% at $4.39 a share.