Short Interest in SunPower Corp. (SPWR) Declines By 7.5%
SunPower Corp. (NASDAQ:SPWR) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totalling 15,446,622 shares, a drop of 7.5% from the August 15th total of 16,707,466 shares. Based on an average trading volume of 2,510,287 shares, the days-to-cover ratio is currently 6.2 days. Approximately 26.4% of the company’s stock are sold short.
A number of institutional investors have recently added to or reduced their stakes in SPWR. BlackRock Inc. increased its stake in SunPower Corp. by 101.8% in the first quarter. BlackRock Inc. now owns 6,559 shares of the company’s stock valued at $146,000 after buying an additional 3,308 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in SunPower Corp. during the second quarter valued at approximately $102,000. Teacher Retirement System of Texas increased its stake in SunPower Corp. by 28.6% in the second quarter. Teacher Retirement System of Texas now owns 8,613 shares of the company’s stock valued at $133,000 after buying an additional 1,914 shares during the last quarter. Edmond DE Rothschild Holding S.A. increased its stake in SunPower Corp. by 3.3% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 8,904 shares of the company’s stock valued at $199,000 after buying an additional 285 shares during the last quarter. Finally, Seven Eight Capital LLC bought a new stake in SunPower Corp. during the first quarter valued at approximately $207,000. 38.75% of the stock is owned by hedge funds and other institutional investors.
Shares of SunPower Corp. (NASDAQ:SPWR) opened at 8.17 on Wednesday. The firm’s market cap is $1.13 billion. The firm’s 50-day moving average is $10.61 and its 200-day moving average is $16.37. SunPower Corp. has a 1-year low of $7.37 and a 1-year high of $31.10.
SunPower Corp. (NASDAQ:SPWR) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. SunPower Corp. had a positive return on equity of 10.76% and a negative net margin of 21.75%. The firm earned $420.50 million during the quarter, compared to the consensus estimate of $344.97 million. During the same quarter in the prior year, the firm posted $0.18 EPS. The business’s revenue was up 6.7% on a year-over-year basis. On average, analysts anticipate that SunPower Corp. will post $0.35 EPS for the current fiscal year.
Several brokerages recently weighed in on SPWR. JMP Securities began coverage on shares of SunPower Corp. in a research report on Thursday, September 8th. They set an “underperform” rating and a $6.00 price objective on the stock. Barclays PLC lowered shares of SunPower Corp. from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $23.00 to $12.00 in a research report on Saturday, August 13th. Morgan Stanley lowered shares of SunPower Corp. from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $27.00 to $12.00 in a research report on Friday, August 12th. Avondale Partners lowered shares of SunPower Corp. from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 10th. Finally, Citigroup Inc. lowered shares of SunPower Corp. from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 10th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. SunPower Corp. currently has an average rating of “Hold” and a consensus target price of $26.00.
SunPower Corp. Company Profile
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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