SunPower Corp. (SPWR) Trading 5% Higher
SunPower Corp. (NASDAQ:SPWR)’s share price traded up 5% on Friday . The stock traded as high as $15.20 and last traded at $15.19, with a volume of 1,633,786 shares trading hands. The stock had previously closed at $14.46.
Several equities analysts have weighed in on the stock. Robert W. Baird reiterated a “buy” rating on shares of SunPower Corp. in a report on Sunday, May 8th. Morgan Stanley restated an “overweight” rating and issued a $27.00 price objective (down from $39.00) on shares of SunPower Corp. in a report on Wednesday. Barclays PLC restated an “overweight” rating and issued a $23.00 price objective (down from $32.00) on shares of SunPower Corp. in a report on Tuesday, May 10th. TheStreet lowered shares of SunPower Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 25th. Finally, Wells Fargo & Co. assumed coverage on shares of SunPower Corp. in a report on Wednesday, June 1st. They issued a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. SunPower Corp. currently has a consensus rating of “Buy” and a consensus target price of $31.13.
The company’s market cap is $2.09 billion. The company’s 50-day moving average price is $15.03 and its 200-day moving average price is $19.40.
SunPower Corp. (NASDAQ:SPWR) last released its earnings results on Thursday, May 5th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by $0.10. During the same period last year, the firm posted $0.13 EPS. The company had revenue of $433.60 million for the quarter, compared to analysts’ expectations of $328.53 million. The business’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts predict that SunPower Corp. will post $1.33 earnings per share for the current fiscal year.
A number of large investors recently added to or reduced their stakes in the stock. Swiss National Bank increased 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 worth $2,212,000 after buying an additional 1,300 shares during the last quarter. Rhumbline Advisers increased its stake in SunPower Corp. by 18.9% in the fourth quarter. Rhumbline Advisers now owns 39,648 shares of the company’s stock worth $1,190,000 after buying an additional 6,310 shares during the last quarter. Russell Frank Co increased 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 worth $1,357,000 after buying an additional 10,099 shares during the last quarter. Schroder Investment Management Group bought a new stake in SunPower Corp. during the fourth quarter worth about $1,510,000. Finally, Wells Fargo & Company MN increased its stake in SunPower Corp. by 72.3% in the fourth quarter. Wells Fargo & Company MN now owns 369,072 shares of the company’s stock worth $11,076,000 after buying an additional 154,858 shares during 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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