The collapse this week came after SunPower told dealers that it was halting leases, installations and shipments.Workers install solar panels during a SunPower installation on a home in Napa, California, US, on Monday, July 17, 2023.stock collapsed more than 40% this week after the company informed dealers that it will no longer support new leases, installations or product shipments, with analysts largely writing the company off as on the verge of going out of business.
SunPower stock has lost nearly all of its value the last 12 months, with shares down nearly90% to close at $1.51 on Thursday. Guggenheim Securities has slashed its price target to $0 from $1 previously. The stock was down to $1.35 in premarket trading Friday. The decision to effectively suspend operations is the result of SunPower's weakened cash flow and balance sheet as well as its inability to tap capital markets because the company is not current with the Securities and Exchange Commission, JPMorgan analysts led by Mark Strouse told clients.SunPower had 524 megawatts in system installations and component sales in 2023, according to Guggenheim.