What's Going On With SunPower Stock Today?

SunPower Corp SPWR shares are trading lower Wednesday. The company said it intends to restate several recent financial statements. 

What To Know: In a new regulatory filing, SunPower said its audit committee determined that its full-year 2022 report and quarterly reports from the first and second quarters should no longer be relied upon. The company plans to restate as soon as practicable. 

"The Company preliminarily determined that the value of consignment inventory of microinverter components at certain third-party locations had been overstated in the Affected Periods in the range of approximately $16 million to $20 million, resulting in the associated cost of revenue being understated," the company said in the filing.

Following the announcement, Roth MKM analyst Philip Shen maintained SunPower with a Neutral rating and lowered the price target from $10 to $5.

SunPower is due to report third-quarter financial results on Nov. 1. 

See Also: Why Rail Transport Company Greenbrier's Shares Are Diving Today

SPWR Price Action: SunPower shares were down 19.2% at $4.01 at the time of publication, according to Benzinga Pro.

Photo: PublicDomainPictures from Pixabay.