SunPower Corp. (SPWR) Trading Up 2.2%
SunPower Corp. (NASDAQ:SPWR)’s share price was up 2.2% during trading on Tuesday . The company traded as high as $10.36 and last traded at $10.26, with a volume of 1,066,962 shares traded. The stock had previously closed at $10.04.
A number of brokerages have recently issued reports on SPWR. 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. Morgan Stanley reiterated an “overweight” rating and issued a $27.00 price target (down previously from $39.00) on shares of SunPower Corp. in a report on Wednesday, August 3rd. 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. Zacks Investment Research downgraded shares of SunPower Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 26th. Finally, TheStreet downgraded shares of SunPower Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 25th. 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. The company presently has a consensus rating of “Hold” and an average target price of $27.25.
The company’s 50-day moving average is $13.28 and its 200-day moving average is $17.86. The firm’s market cap is $1.42 billion.
SunPower Corp. (NASDAQ:SPWR) last issued its quarterly earnings results on Tuesday, August 9th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.02. During the same quarter last year, the firm posted $0.18 earnings per share. The business earned $420.50 million during the quarter, compared to the consensus estimate of $344.97 million. SunPower Corp.’s revenue was up 6.7% compared to the same quarter last year. Equities research analysts expect that SunPower Corp. will post $0.35 EPS for the current fiscal year.
An institutional investor recently raised its position in SunPower Corp. stock. Wells Fargo & Company MN raised its stake in SunPower Corp. (NASDAQ:SPWR) by 72.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 369,072 shares of the company’s stock after buying an additional 154,858 shares during the period. Wells Fargo & Company MN owned about 0.27% of SunPower Corp. worth $11,076,000 as of its most recent SEC filing.
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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