SunPower Corporation (SPWR) Earns “Hold” Rating from Credit Suisse Group
SPWR has been the subject of a number of other research reports. J P Morgan Chase & Co reaffirmed a hold rating and issued a $11.00 price target on shares of SunPower Corporation in a report on Thursday, November 10th. Barclays PLC reaffirmed an equal weight rating on shares of SunPower Corporation in a report on Thursday, November 10th. Bank of America Corporation cut shares of SunPower Corporation from a buy rating to a neutral rating and decreased their price target for the stock from $20.00 to $10.00 in a report on Wednesday, November 9th. Mizuho reaffirmed a neutral rating and issued a $8.00 price target (down previously from $25.00) on shares of SunPower Corporation in a report on Monday, January 30th. Finally, Zacks Investment Research cut shares of SunPower Corporation from a hold rating to a sell rating in a report on Tuesday, January 10th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $13.68.
Shares of SunPower Corporation (NASDAQ:SPWR) traded down 6.76% during mid-day trading on Friday, reaching $6.76. 8,176,238 shares of the company’s stock traded hands. SunPower Corporation has a 12-month low of $6.00 and a 12-month high of $25.29. The company’s market cap is $935.71 million. The company’s 50 day moving average is $6.98 and its 200 day moving average is $8.27.
SunPower Corporation (NASDAQ:SPWR) last posted its quarterly earnings results on Wednesday, February 15th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.45) by $0.19. The company earned $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. SunPower Corporation had a positive return on equity of 16.65% and a negative net margin of 16.95%. During the same period in the prior year, the business posted $1.73 EPS. On average, analysts predict that SunPower Corporation will post ($0.30) EPS for the current fiscal year.
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In other news, insider Howard Wenger purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 12th. The shares were bought at an average price of $7.74 per share, for a total transaction of $77,400.00. Following the completion of the transaction, the insider now owns 215,078 shares in the company, valued at $1,664,703.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.06% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Burns J W & Co. Inc. NY raised its stake in SunPower Corporation by 23.0% in the third quarter. Burns J W & Co. Inc. NY now owns 21,400 shares of the company’s stock valued at $191,000 after buying an additional 4,000 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in SunPower Corporation by 639.8% in the third quarter. BNP Paribas Arbitrage SA now owns 167,032 shares of the company’s stock valued at $1,490,000 after buying an additional 144,454 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in SunPower Corporation by 0.8% in the second quarter. Public Employees Retirement System of Ohio now owns 21,139 shares of the company’s stock valued at $327,000 after buying an additional 174 shares in the last quarter. Quentec Asset Management LLC raised its stake in SunPower Corporation by 42.4% in the second quarter. Quentec Asset Management LLC now owns 856,959 shares of the company’s stock valued at $13,274,000 after buying an additional 255,309 shares in the last quarter. Finally, Van Hulzen Asset Management LLC raised its stake in SunPower Corporation by 337.5% in the second quarter. Van Hulzen Asset Management LLC now owns 50,755 shares of the company’s stock valued at $786,000 after buying an additional 39,155 shares in the last quarter. Institutional investors own 30.80% of the company’s stock.
SunPower Corporation Company Profile
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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