According to Zacks, “A significant portion of SunPower’s revenues are exposed to foreign exchange fluctuations. Rising cost is another major headwind for the company given the constant need to come up with new and innovative technology. This has been hurting the company’s profit margin and thus calls for management to improve the overall capital structure. The company lost more than the Zacks Categorized Solar industry’s loss during the last one year as it continues to face stiff competition from both established companies and new entrants in the market. However, SunPower is committed to provide high-performance solar power products to its customers.”
Several other research firms have also recently commented on SPWR. Williams Capital began coverage on SunPower Corporation in a research note on Friday, September 30th. They set a hold rating and a $9.00 target price for the company. Vetr cut SunPower Corporation from a strong-buy rating to a buy rating and set a $9.80 target price for the company. in a research note on Wednesday, October 19th. Deutsche Bank AG set a $9.00 target price on SunPower Corporation and gave the company a hold rating in a research note on Wednesday, October 5th. Goldman Sachs Group, Inc. (The) reiterated a neutral rating and set a $9.00 target price on shares of SunPower Corporation in a research note on Wednesday, October 26th. Finally, Bank of America Corporation cut SunPower Corporation from a buy rating to a neutral rating and reduced their target price for the company from $20.00 to $10.00 in a research note on Wednesday, November 9th. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $17.71.
Shares of SunPower Corporation (NASDAQ:SPWR) traded up 4.42% during trading on Tuesday, reaching $7.56. 5,068,379 shares of the company’s stock traded hands. SunPower Corporation has a 1-year low of $6.00 and a 1-year high of $27.44. The company’s market capitalization is $1.05 billion. The company has a 50 day moving average of $7.08 and a 200-day moving average of $9.90.
SunPower Corporation (NASDAQ:SPWR) last released its quarterly earnings results on Wednesday, November 9th. The company reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.30. The firm earned $729.30 million during the quarter, compared to analysts’ expectations of $777.94 million. SunPower Corporation had a positive return on equity of 16.65% and a negative net margin of 16.95%. SunPower Corporation’s quarterly revenue was up 91.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.13 EPS. Equities analysts predict that SunPower Corporation will post ($0.31) earnings per share for the current year.
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In other SunPower Corporation news, insider Howard Wenger acquired 10,000 shares of the firm’s stock in a transaction on Monday, December 12th. The stock was purchased at an average cost of $7.74 per share, for a total transaction of $77,400.00. Following the transaction, the insider now owns 215,078 shares of the company’s stock, valued at approximately $1,664,703.72. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.06% of the company’s stock.
Large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC acquired a new stake in shares of SunPower Corporation during the second quarter worth approximately $102,000. Candriam Luxembourg S.C.A. acquired a new stake in shares of SunPower Corporation during the third quarter worth approximately $124,000. Two Sigma Securities LLC acquired a new stake in shares of SunPower Corporation during the third quarter worth approximately $129,000. Teacher Retirement System of Texas raised its stake in shares of SunPower Corporation by 28.6% in the second quarter. Teacher Retirement System of Texas now owns 8,613 shares of the company’s stock worth $133,000 after buying an additional 1,914 shares during the last quarter. Finally, North Star Investment Management Corp. raised its stake in shares of SunPower Corporation by 25.8% in the third quarter. North Star Investment Management Corp. now owns 15,600 shares of the company’s stock worth $139,000 after buying an additional 3,200 shares during the last quarter. Hedge funds and other institutional investors own 30.70% of the company’s stock.
About SunPower Corporation
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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