SunPower not like other meme stocks, says GLJ Research

GLJ Research says SunPower (SPWR) is unlike GameStop (GME) and AMC Entertainment (AMC), other meme stocks, in that the company just granted in-the-money, penny warrants to Total Energies and Blackrock and can’t issue with its financials delayed. As a result, SunPower cannot take advantage of the “irrational move in its stock to shore up its fledgling cash position,” the analyst tells investors in a research note. GLJ believes anybody buying SunPower’s stock on the “Roaring Kitty”-driven meme “short-covering move has no idea what they are actually buying from a liquidity/financial well-being standpoint.” The firm keeps a Sell rating on the shares with a $1.61 price target. The stock in midday trading is up 90%, or $2.47, to $5.22.