SunPower (NASDAQ:SPWR) Reaches New 12-Month High at $33.61


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SunPower Co. (NASDAQ:SPWR)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $33.61 and last traded at $33.09, with a volume of 72877 shares. The stock had previously closed at $31.59.

SPWR has been the topic of several analyst reports. The Goldman Sachs Group upped their price objective on SunPower from $23.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, January 4th. Oppenheimer restated a “hold” rating on shares of SunPower in a report on Thursday, October 1st. Capital One Financial started coverage on SunPower in a report on Thursday, December 17th. They issued an “equal weight” rating and a $23.00 price target for the company. TheStreet downgraded shares of SunPower from a “c” rating to a “d” rating in a research report on Wednesday, November 4th. Finally, Barclays increased their price objective on shares of SunPower from $5.00 to $9.00 and gave the stock an “underweight” rating in a report on Thursday, October 29th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $18.15.

The business has a fifty day moving average of $25.26 and a 200 day moving average of $16.16. The firm has a market cap of $5.80 billion, a P/E ratio of 1,715.86 and a beta of 2.22. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 12.46.

SunPower (NASDAQ:SPWR) last issued its earnings results on Wednesday, October 28th. The semiconductor company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.10. The company had revenue of $274.81 million for the quarter, compared to the consensus estimate of $232.86 million. On average, sell-side analysts expect that SunPower Co. will post -0.59 EPS for the current fiscal year.

In other SunPower news, EVP Douglas J. Richards sold 69,262 shares of SunPower stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $16.21, for a total value of $1,122,737.02. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kenneth Lawrence Mahaffey sold 8,579 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $15.54, for a total transaction of $133,317.66. Following the completion of the transaction, the executive vice president now owns 75,973 shares of the company’s stock, valued at approximately $1,180,620.42. The disclosure for this sale can be found here. Insiders sold 386,802 shares of company stock valued at $6,330,702 over the last 90 days. Corporate insiders own 1.11% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sowell Financial Services LLC grew its holdings in shares of SunPower by 73.2% during the fourth quarter. Sowell Financial Services LLC now owns 1,155 shares of the semiconductor company’s stock worth $30,000 after buying an additional 488 shares in the last quarter. MUFG Securities EMEA plc bought a new position in shares of SunPower during the third quarter worth approximately $36,000. PNC Financial Services Group Inc. boosted its holdings in SunPower by 272.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,388 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 2,479 shares during the period. Tatro Capital LLC bought a new position in shares of SunPower in the 3rd quarter valued at $130,000. Finally, Cetera Investment Advisers bought a new position in SunPower in the 3rd quarter valued at approximately $137,000. 39.29% of the stock is currently owned by hedge funds and other institutional investors.

About SunPower (NASDAQ:SPWR)

SunPower Corporation delivers solar solutions worldwide. It operates through SunPower Energy Services and SunPower Technologies segments. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors. It also offers commercial rooftop and ground-mounted solar power systems, and residential mounting systems.

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