SunPower Corp. (SPWR) Stock Price Down 3.3%
SunPower Corp. (NASDAQ:SPWR) dropped 3.3% on Tuesday . The company traded as low as $14.74 and last traded at $14.79, with a volume of 1,518,362 shares traded. The stock had previously closed at $15.30.
SPWR has been the subject of a number of analyst reports. Morgan Stanley restated an “overweight” rating and set a $27.00 price objective (down from $39.00) on shares of SunPower Corp. in a research note on Wednesday, August 3rd. Guggenheim initiated coverage on SunPower Corp. in a research note on Tuesday, April 12th. They set a “neutral” rating for the company. Zacks Investment Research cut SunPower Corp. from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 19th. Wells Fargo & Co. initiated coverage on SunPower Corp. in a research note on Wednesday, June 1st. They set a “market perform” rating for the company. Finally, Robert W. Baird restated a “buy” rating on shares of SunPower Corp. in a research note on Sunday, May 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. SunPower Corp. presently has an average rating of “Buy” and an average price target of $31.13.
The company has a 50 day moving average of $15.04 and a 200-day moving average of $19.24. The company’s market cap is $2.04 billion.
SunPower Corp. (NASDAQ:SPWR) last released its earnings results on Tuesday, August 9th. The company reported ($0.22) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. During the same period in the previous year, the firm earned $0.18 earnings per share. The company had revenue of $420.50 million for the quarter, compared to analyst estimates of $344.97 million. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. On average, equities research analysts predict that SunPower Corp. will post $1.36 EPS for the current year.
A number of hedge funds have made changes to their positions in SPWR. Schroder Investment Management Group acquired a new stake in shares of SunPower Corp. during the fourth quarter worth about $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 worth $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 worth $1,190,000 after buying an additional 6,310 shares during the period. 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 worth $2,212,000 after buying an additional 1,300 shares during the period. Finally, Russell Frank Co increased its stake in shares of SunPower Corp. by 29.2% in the fourth quarter. Russell Frank Co now owns 44,658 shares of the company’s stock worth $1,357,000 after buying an additional 10,099 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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