SunPower Corp. (SPWR) Trading Down 2%
SunPower Corp. (NASDAQ:SPWR) dropped 2% on Friday . The company traded as low as $15.17 and last traded at $15.40, with a volume of 907,940 shares trading hands. The stock had previously closed at $15.72.
SPWR has been the topic of a number of recent research reports. Robert W. Baird reaffirmed an “outperform” rating and set a $37.00 price objective on shares of SunPower Corp. in a research report on Thursday, July 7th. Janney Montgomery Scott reaffirmed a “buy” rating and set a $30.00 price objective (up previously from $17.00) on shares of SunPower Corp. in a research report on Monday, May 9th. Zacks Investment Research downgraded SunPower Corp. from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 19th. Morgan Stanley reaffirmed a “buy” rating on shares of SunPower Corp. in a research report on Friday, May 6th. Finally, Guggenheim initiated coverage on SunPower Corp. in a research report on Tuesday, April 12th. They set a “neutral” rating on the stock. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. SunPower Corp. presently has an average rating of “Buy” and an average target price of $33.78.
The stock’s market capitalization is $2.12 billion. The company has a 50 day moving average price of $15.36 and a 200-day moving average price of $20.12.
SunPower Corp. (NASDAQ:SPWR) last issued its quarterly earnings results on Thursday, May 5th. The company reported ($0.30) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by $0.10. During the same quarter last year, the business posted $0.13 EPS. The business earned $433.60 million during the quarter, compared to the consensus estimate of $328.53 million. SunPower Corp.’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts expect that SunPower Corp. will post $1.30 EPS for the current fiscal year.
A number of large investors recently modified their holdings of the company. Schroder Investment Management Group bought a new stake in shares of SunPower Corp. during the fourth quarter valued at $1,510,000. Wells Fargo & Company MN increased its stake in shares of 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 period. Rhumbline Advisers increased its stake in shares of SunPower Corp. by 18.9% in the fourth quarter. Rhumbline Advisers now owns 39,648 shares of the company’s stock valued at $1,190,000 after buying an additional 6,310 shares during the period. First Trust Advisors LP increased its stake in shares of SunPower Corp. by 25.0% in the fourth quarter. First Trust Advisors LP now owns 218,399 shares of the company’s stock valued at $6,554,000 after buying an additional 43,653 shares during the period. Finally, Swiss National Bank increased its stake in shares of SunPower Corp. by 1.8% in the fourth quarter. Swiss National Bank now owns 73,700 shares of the company’s stock valued at $2,212,000 after buying an additional 1,300 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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