SunPower, Maxeon Solar gain amid meme stock rally

Sunpower

14/05/2024 16:37

** Shares of certain solar firms gain, as a meme stock rally
gathers momentum
    ** Solar energy services provider SunPower  SPWR.O  up 77.1%
at $4.87
    ** Shares of Maxeon Solar  MAXN.O  and Sunnova Energy
 NOVA.N  up 52.8% and 26.2%, respectively
    ** "I do not see any fundamental reason for the move,"
Morningstar analyst Brett Castelli says, adding that it is
likely tied to the meme stock trading
    ** Shares of so-called meme stocks, GameStop  GME.N  and AMC
 AMC.N , more than doubled on Tuesday after posts from "Roaring
Kitty" Keith Gill raised chatter about the return of the central
figure behind the 2021 meme stock frenzy
    ** Stocktwits.com, the social media firm that analyses posts
and message volumes on its platform related to a company's
ticker symbol, shows retail sentiment for SPWR as "extremely
bullish"
    ** SunPower's short interest stands at 24.2% - LSEG data
    ** Including session's gains, SPWR up ~2% YTD, while MAXN
and NOVA down 47% and 65%, respectively during the period

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))