SunPower Corp. (SPWR) Shares Up 5%
SunPower Corp. (NASDAQ:SPWR) shot up 5% during mid-day trading on Friday . The company traded as high as $15.20 and last traded at $15.19, with a volume of 1,633,786 shares traded. The stock had previously closed at $14.46.
A number of brokerages have recently issued reports on SPWR. Robert W. Baird restated an “outperform” rating and set a $37.00 price objective on shares of SunPower Corp. in a report on Saturday, May 14th. Janney Montgomery Scott restated a “buy” rating and set a $30.00 price objective (up previously from $17.00) on shares of SunPower Corp. in a report on Monday, May 9th. Guggenheim upgraded SunPower Corp. from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $15.64 to $20.00 in a report on Wednesday, July 27th. Zacks Investment Research cut 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 research report on Monday, July 25th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $31.13.
The company’s market capitalization is $2.09 billion. The stock has a 50-day moving average of $15.03 and a 200 day moving average of $19.40.
SunPower Corp. (NASDAQ:SPWR) last released its earnings results on Thursday, May 5th. The company reported ($0.30) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.10. During the same period in the prior year, the company earned $0.13 earnings per share. The firm had revenue of $433.60 million for the quarter, compared to analysts’ expectations of $328.53 million. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Analysts predict that SunPower Corp. will post $1.33 EPS for the current fiscal year.
A number of hedge funds and institutional investors have added to or reduced their stakes in the company. Wells Fargo & Company MN increased 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 period. Swiss National Bank increased its position in 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. Schroder Investment Management Group acquired a new position in SunPower Corp. during the fourth quarter valued at approximately $1,510,000. Russell Frank Co increased its position in SunPower Corp. by 29.2% in the fourth quarter. Russell Frank Co now owns 44,658 shares of the company’s stock valued at $1,357,000 after buying an additional 10,099 shares during the period. Finally, Rhumbline Advisers increased its position in 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.
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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