SunPower Corp. (SPWR) Shares Down 1.8%
SunPower Corp. (NASDAQ:SPWR) shares dropped 1.8% during trading on Monday . The company traded as low as $10.59 and last traded at $10.65, with a volume of 1,707,580 shares changing hands. The stock had previously closed at $10.85.
SPWR has been the subject of a number of research reports. JPMorgan Chase & Co. set a $28.00 target price on SunPower Corp. and gave the company a “buy” rating in a research report on Friday, August 5th. Guggenheim upgraded SunPower Corp. from a “neutral” rating to a “buy” rating and increased their price target for the company from $15.64 to $20.00 in a report on Wednesday, July 27th. Janney Montgomery Scott restated a “buy” rating and set a $30.00 price target (up previously from $17.00) on shares of SunPower Corp. in a report on Monday, May 9th. Robert W. Baird restated a “buy” rating on shares of SunPower Corp. in a report on Sunday, May 8th. Finally, Morgan Stanley restated a “buy” rating on shares of SunPower Corp. in a report on Friday, May 6th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. SunPower Corp. presently has a consensus rating of “Hold” and an average price target of $27.25.
The company’s 50-day moving average is $14.55 and its 200 day moving average is $18.85. The stock’s market cap is $1.49 billion.
SunPower Corp. (NASDAQ:SPWR) last issued its quarterly earnings results on Tuesday, August 9th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.02. The firm earned $420.50 million during the quarter, compared to analyst estimates of $344.97 million. The business’s revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share. Equities research analysts forecast that SunPower Corp. will post $0.34 EPS for the current year.
A number of institutional investors recently added to or reduced their stakes in SPWR. Rhumbline Advisers raised its position 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 period. Schroder Investment Management Group bought a new position in SunPower Corp. during the fourth quarter worth $1,510,000. Finally, Wells Fargo & Company MN raised its position 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 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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