SunPower Co. (SPWR) Sees Large Increase in Short Interest

SunPower Co. (NASDAQ:SPWR) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 22,225,525 shares, a growth of 10.4% from the October 15th total of 20,139,413 shares. Based on an average trading volume of 1,957,954 shares, the days-to-cover ratio is currently 11.4 days. Currently, 36.4% of the shares of the stock are short sold.

Several brokerages have recently issued reports on SPWR. BidaskClub upgraded SunPower from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Credit Suisse Group upgraded SunPower from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $8.00 to $10.00 in a research report on Wednesday, September 19th. Robert W. Baird upped their price objective on SunPower from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Wednesday, September 19th. JPMorgan Chase & Co. set a $9.00 target price on SunPower and gave the stock a “hold” rating in a research report on Wednesday, September 19th. Finally, ValuEngine upgraded SunPower from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $8.72.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPWR. Rock Point Advisors LLC boosted its position in SunPower by 46.7% during the third quarter. Rock Point Advisors LLC now owns 596,940 shares of the semiconductor company’s stock valued at $4,358,000 after purchasing an additional 189,990 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in SunPower during the third quarter valued at $301,000. Alps Advisors Inc. acquired a new stake in SunPower during the third quarter valued at $190,000. ICM Asset Management Inc. WA lifted its position in shares of SunPower by 1,374.9% in the third quarter. ICM Asset Management Inc. WA now owns 339,520 shares of the semiconductor company’s stock worth $2,478,000 after buying an additional 316,500 shares during the last quarter. Finally, Guinness Asset Management Ltd lifted its position in shares of SunPower by 6.6% in the third quarter. Guinness Asset Management Ltd now owns 240,077 shares of the semiconductor company’s stock worth $1,753,000 after buying an additional 14,900 shares during the last quarter. Hedge funds and other institutional investors own 27.08% of the company’s stock.

NASDAQ SPWR opened at $6.25 on Friday. SunPower has a twelve month low of $5.76 and a twelve month high of $10.00. The stock has a market cap of $871.33 million, a P/E ratio of -15.24 and a beta of 1.91. The company has a current ratio of 1.70, a quick ratio of 1.17 and a debt-to-equity ratio of 39.39.

SunPower (NASDAQ:SPWR) last released its earnings results on Tuesday, October 30th. The semiconductor company reported ($0.29) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.40) by $0.11. SunPower had a negative return on equity of 24.10% and a negative net margin of 63.38%. The firm had revenue of $443.40 million for the quarter, compared to the consensus estimate of $478.88 million. During the same period in the prior year, the business posted $0.21 earnings per share. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. On average, equities analysts anticipate that SunPower will post -1.04 EPS for the current year.

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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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