Insider Selling: SunPower EVP Unloads 9,465 Shares of Stock (SPWR)
SunPower (NASDAQ:SPWR) EVP Douglas J. Richards unloaded 9,465 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $34.87, for a total transaction of $330,044.55. Following the transaction, the executive vice president now directly owns 9,490 shares of the company’s stock, valued at approximately $330,916. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of SunPower (NASDAQ:SPWR) traded up 1.80% on Wednesday, hitting $35.13. 2,812,207 shares of the company’s stock traded hands. 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 $37.6 and a 200-day moving average of $34.00. The company has a market cap of $4.607 billion and a P/E ratio of 25.43. SunPower also saw a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 11,076,740 shares, a drop of 10.5% from the July 15th total of 12,380,307 shares. Currently, 21.6% of the shares of the company are sold short. Based on an average trading volume of 1,975,172 shares, the short-interest ratio is currently 5.6 days.
SunPower (NASDAQ:SPWR) last announced its earnings results on Thursday, July 31st. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. The company had revenue of $621.10 million for the quarter, compared to the consensus estimate of $623.54 million. During the same quarter in the previous year, the company posted $0.48 earnings per share. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. On average, analysts predict that SunPower will post $1.30 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of SunPower in a research note on Tuesday, August 5th. They now have a $36.00 price target on the stock. Separately, analysts at Cowen and Company reiterated an “outperform” rating on shares of SunPower in a research note on Friday, August 1st. Finally, analysts at Brean Capital upgraded shares of SunPower from a “hold” rating to a “buy” rating in a research note on Friday, August 1st. They now have a $41.00 price target on the stock. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $41.20.
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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