Q3 2021 Earnings Forecast for SunPower Co. (NASDAQ:SPWR) Issued By Capital One Financial

SunPower Co. (NASDAQ:SPWR) – Research analysts at Capital One Financial decreased their Q3 2021 EPS estimates for shares of SunPower in a research note issued on Monday, July 19th. Capital One Financial analyst R. Tullis now expects that the semiconductor company will post earnings of $0.08 per share for the quarter, down from their prior estimate of $0.12. Capital One Financial also issued estimates for SunPower’s Q4 2021 earnings at $0.15 EPS, FY2021 earnings at $0.25 EPS and Q1 2022 earnings at $0.08 EPS.

SunPower (NASDAQ:SPWR) last announced its quarterly earnings results on Wednesday, May 5th. The semiconductor company reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.03. The company had revenue of $306.40 million during the quarter, compared to the consensus estimate of $310.15 million. SunPower had a net margin of 33.55% and a negative return on equity of 14.10%. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.10) earnings per share.

A number of other equities research analysts also recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of SunPower from $22.00 to $24.00 and gave the company an “underweight” rating in a research report on Tuesday. Piper Sandler lowered their target price on shares of SunPower from $28.00 to $26.00 and set a “neutral” rating on the stock in a research note on Thursday, July 15th. Truist lowered their target price on shares of SunPower from $42.00 to $29.00 in a research note on Wednesday, May 12th. Barclays lowered their target price on shares of SunPower from $23.00 to $20.00 and set an “underweight” rating on the stock in a research note on Thursday, May 6th. Finally, The Goldman Sachs Group boosted their price target on shares of SunPower from $22.00 to $25.00 and gave the stock a “neutral” rating in a research note on Friday, July 2nd. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $26.17.

NASDAQ:SPWR opened at $25.43 on Thursday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.74 and a current ratio of 2.20. SunPower has a 12 month low of $9.13 and a 12 month high of $57.52. The company has a market cap of $4.39 billion, a P/E ratio of 11.83, a PEG ratio of 4.99 and a beta of 2.10. The stock has a 50 day moving average of $25.22.

A number of hedge funds have recently modified their holdings of SPWR. Close Asset Management Ltd bought a new position in SunPower in the 1st quarter worth about $40,000. Ameritas Investment Company LLC purchased a new stake in shares of SunPower in the 1st quarter worth approximately $45,000. Retirement Group LLC purchased a new stake in shares of SunPower in the 4th quarter worth approximately $58,000. Point72 Hong Kong Ltd purchased a new stake in shares of SunPower in the 1st quarter worth approximately $88,000. Finally, Captrust Financial Advisors lifted its position in shares of SunPower by 684.8% in the 1st quarter. Captrust Financial Advisors now owns 3,516 shares of the semiconductor company’s stock worth $118,000 after purchasing an additional 3,068 shares during the period. Institutional investors and hedge funds own 32.59% of the company’s stock.

In other SunPower news, CFO Manavendra Sial sold 11,116 shares of the company’s stock in a transaction dated Friday, May 7th. The shares were sold at an average price of $23.09, for a total value of $256,668.44. Following the transaction, the chief financial officer now directly owns 92,862 shares in the company, valued at approximately $2,144,183.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Vichheka Heang sold 4,336 shares of the company’s stock in a transaction dated Thursday, May 13th. The stock was sold at an average price of $21.47, for a total transaction of $93,093.92. The disclosure for this sale can be found here. Insiders have sold a total of 57,774 shares of company stock worth $1,407,812 over the last quarter. 0.67% of the stock is currently owned by insiders.

SunPower Company Profile

SunPower Corp. engages in the design, manufacture and deliver of solar panels and systems. It operates through the following business segments: Residential, Light Commercial; Commercial & Industrial Solutions; and Other. The Residential, Light Commercial segment refers to the sales of solar energy solutions, including sales to its third-party dealer network and resellers, storage solutions, cash and loan sales, and long-term leases directly to end customers.

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