SunPower Co. (SPWR) Short Interest Update

SunPower Co. (NASDAQ:SPWR) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 19,857,409 shares, a growth of 12.4% from the August 15th total of 17,668,125 shares. Based on an average daily volume of 1,468,267 shares, the days-to-cover ratio is presently 13.5 days. Currently, 32.6% of the shares of the stock are sold short.

SPWR has been the subject of several analyst reports. BidaskClub cut SunPower from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. ValuEngine cut SunPower from a “hold” rating to a “sell” rating in a report on Wednesday, May 23rd. Robert W. Baird cut SunPower from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $10.00 to $7.00 in a report on Monday, June 11th. Credit Suisse Group dropped their target price on SunPower from $8.50 to $8.00 and set a “neutral” rating for the company in a report on Thursday, June 7th. Finally, Williams Capital increased their target price on SunPower from $6.00 to $8.00 and gave the company a “hold” rating in a report on Thursday, May 24th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $8.22.

Shares of SPWR stock opened at $6.64 on Friday. The stock has a market cap of $970.03 million, a P/E ratio of -16.32 and a beta of 2.06. SunPower has a 1-year low of $6.36 and a 1-year high of $10.00. The company has a debt-to-equity ratio of 9.81, a current ratio of 1.75 and a quick ratio of 1.22.

SunPower (NASDAQ:SPWR) last released its quarterly earnings data on Monday, July 30th. The semiconductor company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.28. SunPower had a positive return on equity of 1.37% and a negative net margin of 60.01%. The business had revenue of $449.09 million during the quarter, compared to analysts’ expectations of $389.86 million. During the same quarter last year, the business posted ($0.35) EPS. The business’s revenue was up 36.9% on a year-over-year basis. equities research analysts expect that SunPower will post -1.55 EPS for the current fiscal year.

In other news, EVP Kenneth Lawrence Mahaffey sold 27,964 shares of the company’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $7.30, for a total value of $204,137.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Timber Hill LLC purchased a new stake in SunPower in the 2nd quarter worth approximately $148,000. Candriam Luxembourg S.C.A. purchased a new stake in SunPower in the 1st quarter worth approximately $111,000. Sei Investments Co. lifted its holdings in SunPower by 320.9% in the 1st quarter. Sei Investments Co. now owns 32,873 shares of the semiconductor company’s stock worth $263,000 after buying an additional 25,062 shares during the period. Swiss National Bank lifted its holdings in SunPower by 7.8% in the 1st quarter. Swiss National Bank now owns 109,400 shares of the semiconductor company’s stock worth $873,000 after buying an additional 7,900 shares during the period. Finally, Suntrust Banks Inc. purchased a new stake in SunPower in the 1st quarter worth approximately $145,000. Institutional investors and hedge funds own 27.22% of the company’s stock.

About SunPower

SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.

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