$325.52 Million in Sales Expected for SunPower Co. (NASDAQ:SPWR) This Quarter

Brokerages predict that SunPower Co. (NASDAQ:SPWR) will report sales of $325.52 million for the current fiscal quarter, according to Zacks. Seven analysts have provided estimates for SunPower’s earnings. The lowest sales estimate is $294.05 million and the highest is $357.20 million. SunPower posted sales of $274.81 million in the same quarter last year, which suggests a positive year over year growth rate of 18.5%. The company is expected to issue its next quarterly earnings results after the market closes on Wednesday, November 3rd.

According to Zacks, analysts expect that SunPower will report full year sales of $1.41 billion for the current fiscal year, with estimates ranging from $1.32 billion to $1.45 billion. For the next financial year, analysts anticipate that the business will post sales of $1.77 billion, with estimates ranging from $1.52 billion to $2.02 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow SunPower.

SunPower (NASDAQ:SPWR) last announced its earnings results on Monday, August 2nd. The semiconductor company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.02 by $0.04. The company had revenue of $308.92 million for the quarter, compared to analyst estimates of $328.68 million. SunPower had a return on equity of 5.04% and a net margin of 39.28%.

Several equities research analysts recently issued reports on the company. Piper Sandler dropped their price objective on SunPower from $28.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, July 15th. Morgan Stanley lifted their price objective on SunPower from $22.00 to $24.00 and gave the company an “underweight” rating in a research note on Tuesday, July 20th. Zacks Investment Research downgraded SunPower from a “buy” rating to a “hold” rating and set a $27.00 price target on the stock. in a research report on Thursday, July 22nd. Truist lowered their price target on SunPower from $28.00 to $26.00 and set a “hold” rating on the stock in a research report on Wednesday, October 6th. Finally, The Goldman Sachs Group raised their price target on SunPower from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 2nd. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, SunPower presently has a consensus rating of “Hold” and a consensus target price of $25.36.

NASDAQ:SPWR traded up $2.27 during trading hours on Friday, hitting $31.89. 215,043 shares of the company’s stock traded hands, compared to its average volume of 5,073,378. The firm has a market cap of $5.51 billion, a P/E ratio of 13.43, a P/E/G ratio of 6.82 and a beta of 2.04. SunPower has a 52 week low of $14.66 and a 52 week high of $57.52. The business’s fifty day simple moving average is $22.86 and its two-hundred day simple moving average is $24.73. The company has a quick ratio of 2.02, a current ratio of 2.60 and a debt-to-equity ratio of 1.08.

Institutional investors and hedge funds have recently made changes to their positions in the business. Column Capital Advisors LLC purchased a new stake in SunPower during the 2nd quarter valued at $29,000. Banque Cantonale Vaudoise purchased a new stake in SunPower during the 2nd quarter valued at $29,000. Ameritas Investment Company LLC purchased a new stake in SunPower during the 1st quarter valued at $45,000. Point72 Hong Kong Ltd purchased a new stake in SunPower during the 1st quarter valued at $88,000. Finally, Captrust Financial Advisors raised its stake in SunPower by 684.8% during the 1st quarter. Captrust Financial Advisors now owns 3,516 shares of the semiconductor company’s stock valued at $118,000 after buying an additional 3,068 shares during the last quarter. Institutional investors and hedge funds own 30.38% of the company’s stock.

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.

Recommended Story: Cost of Capital Explained

Get a free copy of the Zacks research report on SunPower (SPWR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for SunPower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SunPower and related companies with MarketBeat.com's FREE daily email newsletter.