SunPower Corp. (SPWR) Stock Price Up 3.6%
Shares of SunPower Corp. (NASDAQ:SPWR) rose 3.6% during mid-day trading on Wednesday . The company traded as high as $16.15 and last traded at $15.99, with a volume of 1,566,374 shares trading hands. The stock had previously closed at $15.44.
SPWR has been the subject of a number of research reports. Guggenheim initiated coverage on SunPower Corp. in a research report on Tuesday, April 12th. They set a “neutral” rating for the company. Barclays PLC reissued an “overweight” rating and set a $23.00 price objective (down previously from $32.00) on shares of SunPower Corp. in a research report on Tuesday, May 10th. Janney Montgomery Scott reissued a “buy” rating and set a $30.00 price objective (up previously from $17.00) on shares of SunPower Corp. in a research report on Monday, May 9th. Morgan Stanley restated a “buy” rating on shares of SunPower Corp. in a report on Friday, May 6th. Finally, Zacks Investment Research lowered SunPower Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 19th. Five equities research 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 company’s stock. The company has an average rating of “Buy” and a consensus price target of $33.78.
The firm has a 50 day moving average price of $15.52 and a 200-day moving average price of $20.29. The stock’s market cap is $2.22 billion.
SunPower Corp. (NASDAQ:SPWR) last issued its earnings results on Thursday, May 5th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by $0.10. The business had revenue of $433.60 million for the quarter, compared to analysts’ expectations of $328.53 million. SunPower Corp.’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 EPS. On average, analysts anticipate that SunPower Corp. will post $1.30 EPS for the current year.
A number of hedge funds recently modified their holdings of the stock. Quantitative Investment Management LLC bought a new stake in shares of SunPower Corp. during the fourth quarter worth $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 worth $1,357,000 after buying an additional 10,099 shares in the last quarter. 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 worth $2,212,000 after buying an additional 1,300 shares in the last quarter. 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 worth $9,252,000 after buying an additional 231,322 shares in the last quarter. 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 worth $31,230,000 after buying an additional 181,130 shares in the last quarter.
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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