SunPower Corp. (SPWR) Shares Down 2.3%
Shares of SunPower Corp. (NASDAQ:SPWR) dropped 2.3% on Wednesday . The stock traded as low as $7.93 and last traded at $7.98, with a volume of 2,121,566 shares. The stock had previously closed at $8.17.
SPWR has been the subject of several analyst reports. Wells Fargo & Co. initiated coverage on shares of SunPower Corp. in a research note on Wednesday, June 1st. They issued a “market perform” rating for the company. Robert W. Baird restated an “outperform” rating and issued a $37.00 target price on shares of SunPower Corp. in a research report on Thursday, July 7th. Zacks Investment Research cut shares of SunPower Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. TheStreet cut shares of SunPower Corp. from a “hold” rating to a “sell” rating in a research report on Monday, July 25th. Finally, Guggenheim upgraded shares of SunPower Corp. from a “neutral” rating to a “buy” rating and boosted their target price for the company from $15.64 to $20.00 in a research report on Wednesday, July 27th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $26.00.
The stock’s market cap is $1.11 billion. The company’s 50 day moving average price is $10.61 and its 200-day moving average price is $16.37.
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SunPower Corp. (NASDAQ:SPWR) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.02. The business had revenue of $420.50 million for the quarter, compared to analysts’ expectations of $344.97 million. SunPower Corp. had a negative net margin of 21.75% and a positive return on equity of 10.76%. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.18 earnings per share. On average, equities research analysts anticipate that SunPower Corp. will post $0.35 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Ruffer LLP boosted its stake in SunPower Corp. by 25.0% in the first quarter. Ruffer LLP now owns 75,000 shares of the company’s stock valued at $1,675,000 after buying an additional 15,000 shares during the period. Scotia Capital Inc. boosted its stake in SunPower Corp. by 29.7% in the first quarter. Scotia Capital Inc. now owns 11,806 shares of the company’s stock valued at $264,000 after buying an additional 2,704 shares during the period. Investec Asset Management LTD boosted its stake in SunPower Corp. by 2.4% in the first quarter. Investec Asset Management LTD now owns 266,451 shares of the company’s stock valued at $5,953,000 after buying an additional 6,238 shares during the period. NN Investment Partners Holdings N.V. bought a new stake in SunPower Corp. during the first quarter valued at $610,000. Finally, Impax Asset Management LTD boosted its stake in SunPower Corp. by 39.2% in the first quarter. Impax Asset Management LTD now owns 1,149,713 shares of the company’s stock valued at $25,685,000 after buying an additional 323,853 shares during the period. Institutional investors and hedge funds own 38.75% of the company’s stock.
SunPower Corp. Company Profile
SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements.
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