SunPower Corp. (SPWR) Shares Down 2.9%
Shares of SunPower Corp. (NASDAQ:SPWR) traded down 2.9% on Monday . The company traded as low as $10.11 and last traded at $10.20, with a volume of 1,692,409 shares traded. The stock had previously closed at $10.50.
A number of analysts have recently weighed in on the company. Robert W. Baird reaffirmed a “buy” rating on shares of SunPower Corp. in a research report on Sunday, May 8th. Morgan Stanley lowered SunPower Corp. from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $27.00 to $12.00 in a research report on Friday, August 12th. Barclays PLC lowered SunPower Corp. from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $23.00 to $12.00 in a research report on Saturday, August 13th. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating and set a $39.00 price objective on shares of SunPower Corp. in a research report on Wednesday, August 10th. Finally, Citigroup Inc. lowered SunPower Corp. from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 10th. Two 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. The company currently has an average rating of “Hold” and a consensus price target of $27.25.
The firm has a 50 day moving average of $14.07 and a 200 day moving average of $18.52. The firm’s market capitalization is $1.41 billion.
SunPower Corp. (NASDAQ:SPWR) last posted its earnings results on Tuesday, August 9th. The company reported ($0.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. The business had revenue of $420.50 million for the quarter, compared to analyst estimates of $344.97 million. The business’s revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 EPS. Analysts expect that SunPower Corp. will post $0.35 EPS for the current fiscal year.
Other institutional investors have bought and sold shares of the company. 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 valued at $11,076,000 after buying an additional 154,858 shares during the last quarter. Schroder Investment Management Group purchased a new position in shares of SunPower Corp. during the fourth quarter worth approximately $1,510,000. Finally, Rhumbline Advisers raised its position in shares of 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 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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