SunPower Corp. (SPWR) Stock Price Up 3.4%
SunPower Corp. (NASDAQ:SPWR)’s share price rose 3.4% during mid-day trading on Thursday . The company traded as high as $15.45 and last traded at $15.36, with a volume of 1,139,457 shares changing hands. The stock had previously closed at $14.85.
SPWR has been the subject of a number of recent analyst reports. Mizuho initiated coverage on SunPower Corp. in a report on Wednesday, March 30th. They set a “neutral” rating and a $25.00 price objective for the company. Robert W. Baird restated an “outperform” rating on shares of SunPower Corp. in a report on Thursday, April 7th. Guggenheim initiated coverage on SunPower Corp. in a report on Tuesday, April 12th. They set a “neutral” rating for the company. Zacks Investment Research cut SunPower Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 19th. Finally, Morgan Stanley restated a “buy” rating on shares of SunPower Corp. in a report on Friday, May 6th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $33.78.
The firm’s 50 day moving average price is $15.56 and its 200-day moving average price is $20.58. The stock’s market cap is $2.11 billion.
SunPower Corp. (NASDAQ:SPWR) last announced its quarterly earnings results on Thursday, May 5th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.20) by $0.10. During the same quarter last year, the firm posted $0.13 earnings per share. The firm had revenue of $433.60 million for the quarter, compared to analysts’ expectations of $328.53 million. The company’s revenue was up .7% on a year-over-year basis. On average, equities analysts predict that SunPower Corp. will post $1.30 earnings per share for the current fiscal year.
Other hedge funds recently modified their holdings of the company. Quantitative Investment Management LLC bought a new stake in shares of SunPower Corp. during the fourth quarter valued at about $2,397,000. Russell Frank Co raised its stake in shares of SunPower Corp. by 29.2% in the fourth quarter. Russell Frank Co now owns 44,658 shares of the company’s stock valued at $1,357,000 after buying an additional 10,099 shares during the period. Swiss National Bank raised its stake in shares of SunPower Corp. by 1.8% in the fourth quarter. Swiss National Bank now owns 73,700 shares of the company’s stock valued at $2,212,000 after buying an additional 1,300 shares during the period. GAM Holding AG raised its stake in shares of SunPower Corp. by 300.4% in the fourth quarter. GAM Holding AG now owns 308,322 shares of the company’s stock valued at $9,252,000 after buying an additional 231,322 shares during the period. Finally, Ecofin Ltd. raised its stake in shares of SunPower Corp. by 21.1% in the fourth quarter. Ecofin Ltd. now owns 1,040,650 shares of the company’s stock valued at $31,230,000 after buying an additional 181,130 shares during the period.
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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