Equities research analysts expect SunPower Co. (NASDAQ:SPWR) to report sales of $306.73 million for the current quarter, according to Zacks. Four analysts have provided estimates for SunPower’s earnings, with the highest sales estimate coming in at $381.60 million and the lowest estimate coming in at $226.50 million. SunPower posted sales of $491.68 million in the same quarter last year, which would indicate a negative year over year growth rate of 37.6%. The firm is scheduled to report its next earnings report on Wednesday, November 4th.
According to Zacks, analysts expect that SunPower will report full year sales of $1.25 billion for the current fiscal year, with estimates ranging from $1.09 billion to $1.40 billion. For the next financial year, analysts forecast that the business will report sales of $1.89 billion, with estimates ranging from $1.41 billion to $2.30 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for SunPower.
SunPower (NASDAQ:SPWR) last announced its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported ($0.22) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.48) by $0.26. The company had revenue of $352.91 million during the quarter, compared to analysts’ expectations of $314.85 million.
A number of brokerages have issued reports on SPWR. Oppenheimer began coverage on shares of SunPower in a research report on Thursday, August 6th. They set a “hold” rating for the company. Credit Suisse Group cut their price objective on SunPower from $13.00 to $12.00 and set an “outperform” rating for the company in a research report on Monday, August 31st. Barclays lifted their price objective on SunPower from $2.50 to $5.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 22nd. Robert W. Baird upgraded SunPower from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $10.00 to $13.00 in a research report on Friday, September 11th. Finally, ValuEngine upgraded SunPower from a “hold” rating to a “buy” rating in a research report on Friday, June 19th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. SunPower has a consensus rating of “Hold” and a consensus target price of $9.23.
In other news, CEO Thomas H. Werner sold 80,000 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $12.23, for a total transaction of $978,400.00. Following the completion of the sale, the chief executive officer now directly owns 760,342 shares in the company, valued at approximately $9,298,982.66. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Vichheka Heang sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the sale, the insider now owns 15,981 shares of the company’s stock, valued at $196,406.49. The disclosure for this sale can be found here. Insiders sold a total of 170,000 shares of company stock valued at $2,141,300 over the last quarter. 1.11% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its holdings in shares of SunPower by 272.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,388 shares of the semiconductor company’s stock worth $26,000 after buying an additional 2,479 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of SunPower by 56.7% during the 1st quarter. Tower Research Capital LLC TRC now owns 10,809 shares of the semiconductor company’s stock worth $55,000 after buying an additional 3,909 shares during the last quarter. Altshuler Shaham Ltd increased its holdings in shares of SunPower by 82.4% during the 1st quarter. Altshuler Shaham Ltd now owns 11,400 shares of the semiconductor company’s stock worth $58,000 after buying an additional 5,150 shares during the last quarter. Beacon Pointe Advisors LLC acquired a new stake in shares of SunPower during the 1st quarter worth $68,000. Finally, Victory Capital Management Inc. boosted its position in SunPower by 14.6% during the 1st quarter. Victory Capital Management Inc. now owns 14,877 shares of the semiconductor company’s stock worth $75,000 after purchasing an additional 1,892 shares during the period. Institutional investors and hedge funds own 39.29% of the company’s stock.
Shares of SPWR opened at $10.69 on Thursday. The company has a market capitalization of $1.82 billion, a PE ratio of 534.77 and a beta of 2.35. SunPower has a 52-week low of $4.03 and a 52-week high of $15.57. The company has a 50-day simple moving average of $11.23 and a 200-day simple moving average of $8.28. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 12.46.
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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