$363.00 Million in Sales Expected for SunPower Corporation (NASDAQ:SPWR) This Quarter
Equities research analysts forecast that SunPower Corporation (NASDAQ:SPWR) will report sales of $363.00 million for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for SunPower Corporation’s earnings, with the highest sales estimate coming in at $370.00 million and the lowest estimate coming in at $356.50 million. SunPower Corporation reported sales of $770.11 million during the same quarter last year, which would suggest a negative year over year growth rate of 52.9%. The business is scheduled to report its next quarterly earnings results on Wednesday, November 8th.
According to Zacks, analysts expect that SunPower Corporation will report full year sales of $363.00 million for the current financial year, with estimates ranging from $2.11 billion to $2.37 billion. For the next year, analysts forecast that the firm will report sales of $2.48 billion per share, with estimates ranging from $2.34 billion to $2.63 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover SunPower Corporation.
SunPower Corporation (NASDAQ:SPWR) last issued its quarterly earnings results on Tuesday, August 1st. The semiconductor company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.24. SunPower Corporation had a negative return on equity of 12.56% and a negative net margin of 21.84%. The firm had revenue of $341.50 million for the quarter, compared to the consensus estimate of $312.58 million. During the same period in the prior year, the business posted ($0.22) earnings per share. The company’s revenue for the quarter was down 15.0% on a year-over-year basis.
SPWR has been the topic of a number of recent analyst reports. Vetr cut SunPower Corporation from a “strong-buy” rating to a “buy” rating and set a $12.52 price objective on the stock. in a report on Monday, July 31st. Zacks Investment Research cut SunPower Corporation from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 12th. Cowen and Company set a $12.00 price objective on SunPower Corporation and gave the company a “buy” rating in a report on Monday, July 10th. Axiom Securities reiterated a “buy” rating on shares of SunPower Corporation in a report on Saturday, July 22nd. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $13.00 price objective (up from $10.00) on shares of SunPower Corporation in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $9.42.
Several institutional investors have recently modified their holdings of the company. CAPROCK Group Inc. increased its position in shares of SunPower Corporation by 1.1% in the second quarter. CAPROCK Group Inc. now owns 11,941 shares of the semiconductor company’s stock worth $112,000 after buying an additional 128 shares during the last quarter. Teachers Advisors LLC increased its position in shares of SunPower Corporation by 0.7% in the fourth quarter. Teachers Advisors LLC now owns 97,906 shares of the semiconductor company’s stock worth $647,000 after buying an additional 696 shares during the last quarter. BlueCrest Capital Management Ltd increased its position in shares of SunPower Corporation by 3.6% in the first quarter. BlueCrest Capital Management Ltd now owns 39,563 shares of the semiconductor company’s stock worth $241,000 after buying an additional 1,380 shares during the last quarter. Asset Management One Co. Ltd. increased its position in shares of SunPower Corporation by 4.0% in the first quarter. Asset Management One Co. Ltd. now owns 48,281 shares of the semiconductor company’s stock worth $295,000 after buying an additional 1,848 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of SunPower Corporation by 2.3% in the second quarter. Van ECK Associates Corp now owns 114,172 shares of the semiconductor company’s stock worth $1,066,000 after buying an additional 2,599 shares during the last quarter. Hedge funds and other institutional investors own 25.61% of the company’s stock.
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Shares of SunPower Corporation (NASDAQ:SPWR) opened at 9.30 on Friday. SunPower Corporation has a one year low of $5.84 and a one year high of $11.70. The stock has a 50 day moving average price of $9.87 and a 200 day moving average price of $7.90. The stock’s market capitalization is $1.30 billion.
SunPower Corporation Company Profile
SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.
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