SunPower Corp. (SPWR) Trading Down 3.7%
SunPower Corp. (NASDAQ:SPWR) shares dropped 3.7% during mid-day trading on Thursday . The stock traded as low as $14.90 and last traded at $14.90, with a volume of 1,527,278 shares. The stock had previously closed at $15.48.
SPWR has been the topic of several recent research reports. Guggenheim initiated coverage on SunPower Corp. in a report on Tuesday, April 12th. They issued a “neutral” rating on the stock. Barclays PLC reiterated an “overweight” rating and issued a $23.00 price target (down previously from $32.00) on shares of SunPower Corp. in a report on Tuesday, May 10th. Janney Montgomery Scott reiterated a “buy” rating and issued a $30.00 price target (up previously from $17.00) on shares of SunPower Corp. in a report on Monday, May 9th. Morgan Stanley reiterated 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. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $32.86.
The stock’s market capitalization is $2.06 billion. The firm has a 50 day moving average of $15.16 and a 200 day moving average of $19.76.
SunPower Corp. (NASDAQ:SPWR) last released its quarterly earnings results on Thursday, May 5th. The company reported ($0.30) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by $0.10. During the same quarter in the previous year, the company earned $0.13 EPS. The company earned $433.60 million during the quarter, compared to the consensus estimate of $328.53 million. The firm’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities research analysts forecast that SunPower Corp. will post $1.33 earnings per share for the current year.
Several large investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers raised its stake in SunPower Corp. by 18.9% in the fourth quarter. Rhumbline Advisers now owns 39,648 shares of the company’s stock valued at $1,190,000 after buying an additional 6,310 shares in the last quarter. Russell Frank Co raised its stake in 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 in the last quarter. Schroder Investment Management Group purchased a new stake in SunPower Corp. during the fourth quarter valued at $1,510,000. State Board of Administration of Florida Retirement System raised its stake in SunPower Corp. by 13.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 53,517 shares of the company’s stock valued at $1,606,000 after buying an additional 6,460 shares in the last quarter. Finally, Swiss National Bank raised its stake in 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 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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