5 Worst Performing Growth Stocks in 2023

4. SunPower Corporation (NASDAQ:SPWR)

Share Price Drop In 2023: 53.09%

Price to Earnings Ratio: 193.59

SunPower Corporation (NASDAQ:SPWR) is a subsidiary of the oil giant TotalEnergies. It is a solar power company that sells products to residential customers. The firm’s stock was in for some bad news in September after Morgan Stanley cut its share price target by more than half to $8 from an earlier target of $17.

By the end of this year’s second quarter, 17 hedge funds out of the 910 that were part of Insider Monkey’s database had bought a stake in the company. Israel Englander’s Millennium Management is SunPower Corporation (NASDAQ:SPWR)’s biggest investor among these through a stake worth $23.6 million.

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