SunPower Co. (NASDAQ:SPWR)’s stock price dropped 2.3% on Monday . The stock traded as low as $11.40 and last traded at $11.19, approximately 140,229 shares changed hands during mid-day trading. A decline of 95% from the average daily volume of 2,560,813 shares. The stock had previously closed at $11.45.
SPWR has been the subject of several research analyst reports. Raymond James lowered shares of SunPower from an “outperform” rating to a “market perform” rating and set a $9.84 price objective for the company. in a research note on Wednesday, June 19th. Barclays reiterated a “sell” rating and issued a $6.00 price objective on shares of SunPower in a research note on Monday, August 5th. Zacks Investment Research upgraded shares of SunPower from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research note on Tuesday, August 6th. Goldman Sachs Group upgraded shares of SunPower from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $6.00 to $11.00 in a research note on Monday, June 17th. Finally, Credit Suisse Group upgraded shares of SunPower from a “neutral” rating to an “outperform” rating in a research note on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $8.42.
The firm’s 50-day moving average is $13.26 and its 200-day moving average is $9.93. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -12.47 and a beta of 2.29.
SunPower (NASDAQ:SPWR) last posted its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.12). SunPower had a negative net margin of 12.95% and a negative return on equity of 83.67%. The business had revenue of $481.90 million during the quarter, compared to analyst estimates of $444.23 million. During the same period in the previous year, the business posted ($0.01) EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, sell-side analysts expect that SunPower Co. will post -0.67 earnings per share for the current fiscal year.
In other SunPower news, CEO Thomas H. Werner sold 90,000 shares of SunPower stock in a transaction on Monday, August 5th. The shares were sold at an average price of $13.46, for a total transaction of $1,211,400.00. Following the transaction, the chief executive officer now directly owns 537,165 shares of the company’s stock, valued at approximately $7,230,240.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Douglas J. Richards sold 60,953 shares of SunPower stock in a transaction on Monday, August 5th. The stock was sold at an average price of $14.14, for a total transaction of $861,875.42. Following the transaction, the executive vice president now directly owns 30,476 shares in the company, valued at $430,930.64. The disclosure for this sale can be found here. In the last three months, insiders sold 159,131 shares of company stock valued at $2,192,674. 1.04% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC boosted its holdings in SunPower by 207.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,089 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 2,758 shares during the last quarter. National Asset Management Inc. purchased a new position in shares of SunPower in the 2nd quarter worth about $109,000. AQR Capital Management LLC purchased a new position in shares of SunPower in the 2nd quarter worth about $119,000. Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of SunPower by 10.8% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,157 shares of the semiconductor company’s stock worth $118,000 after buying an additional 1,091 shares during the last quarter. Finally, DAVENPORT & Co LLC purchased a new position in shares of SunPower in the 2nd quarter worth about $132,000. 28.72% of the stock is currently owned by hedge funds and other institutional investors.
About SunPower (NASDAQ:SPWR)
SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.
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