SunPower Corp. (SPWR) Trading Up 2.2%
SunPower Corp. (NASDAQ:SPWR)’s share price was up 2.2% on Tuesday . The stock traded as high as $10.36 and last traded at $10.26, with a volume of 1,066,962 shares changing hands. The stock had previously closed at $10.04.
Several equities analysts have recently weighed in on SPWR shares. Morgan Stanley restated an “overweight” rating and issued a $27.00 target price (down previously from $39.00) on shares of SunPower Corp. in a research report on Wednesday, August 3rd. Oppenheimer Holdings Inc. reiterated a “market perform” rating and set a $39.00 price objective on shares of SunPower Corp. in a research report on Wednesday, August 10th. Credit Suisse Group AG downgraded SunPower Corp. from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $32.00 to $12.00 in a research report on Wednesday, August 10th. JPMorgan Chase & Co. downgraded SunPower Corp. from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $28.00 to $17.00 in a research report on Wednesday, August 10th. Finally, Citigroup Inc. downgraded SunPower Corp. from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $27.25.
The firm’s market capitalization is $1.38 billion. The stock has a 50 day moving average price of $13.01 and a 200 day moving average price of $17.72.
SunPower Corp. (NASDAQ:SPWR) last announced its earnings results on Tuesday, August 9th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.02. During the same quarter in the prior year, the business earned $0.18 earnings per share. The business had revenue of $420.50 million for the quarter, compared to analyst estimates of $344.97 million. The firm’s revenue was up 6.7% on a year-over-year basis. On average, analysts predict that SunPower Corp. will post $0.35 earnings per share for the current fiscal year.
An institutional investor recently raised its position in SunPower Corp. stock. Wells Fargo & Company MN raised its position in SunPower Corp. (NASDAQ:SPWR) by 72.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 369,072 shares of the company’s stock after buying an additional 154,858 shares during the period. Wells Fargo & Company MN owned 0.27% of SunPower Corp. worth $11,076,000 at the end of the most recent reporting 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.