SunPower Sees Large Growth in Short Interest (SPWR)
SunPower (NASDAQ:SPWR) was the recipient of a large increase in short interest in June. As of June 30th, there was short interest totalling 13,506,800 shares, an increase of 13.2% from the June 13th total of 11,934,806 shares, StockRatingsNetwork reports. Currently, 26.3% of the shares of the company are short sold. Based on an average daily trading volume, of 4,974,615 shares, the days-to-cover ratio is presently 2.7 days.
Several analysts have recently commented on the stock. Analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of SunPower in a research note on Tuesday. They now have a $43.00 price target on the stock, up previously from $40.00. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of SunPower in a research note on Thursday, July 10th. They now have a $48.00 price target on the stock, up previously from $38.00. Finally, analysts at Cowen and Company raised their price target on shares of SunPower to $50.00 in a research note on Wednesday, July 9th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $40.42.
SunPower (NASDAQ:SPWR) opened at 38.10 on Wednesday. SunPower has a 1-year low of $20.57 and a 1-year high of $42.07. The stock has a 50-day moving average of $37.17 and a 200-day moving average of $33.41. The company has a market cap of $4.979 billion and a price-to-earnings ratio of 26.33.
SunPower (NASDAQ:SPWR) last released its earnings data on Thursday, April 24th. The company reported $0.49 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.32 by $0.17. The company had revenue of $683.70 million for the quarter, compared to the consensus estimate of $669.37 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The company’s quarterly revenue was up 19.0% on a year-over-year basis. Analysts expect that SunPower will post $1.28 EPS for the current fiscal year.
SunPower Corporation operates in two business segments: the Utility and Power Plants (NASDAQ:SPWR) Segment and the Residential and Commercial (R&C) Segment.
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