SunPower (NASDAQ:SPWR) Shares Up 5.6%

SunPower Co. (NASDAQ:SPWR) traded up 5.6% on Friday . The stock traded as high as $29.41 and last traded at $29.22. 58,799 shares were traded during trading, a decline of 99% from the average session volume of 7,311,438 shares. The stock had previously closed at $27.66.

SPWR has been the subject of a number of recent research reports. The Goldman Sachs Group reiterated a “neutral” rating and issued a $32.00 price objective (down from $42.00) on shares of SunPower in a research note on Monday, March 29th. Credit Suisse Group reaffirmed an “underperform” rating and issued a $23.00 target price on shares of SunPower in a research note on Monday, March 1st. JPMorgan Chase & Co. cut their price target on shares of SunPower from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Monday, March 8th. Zacks Investment Research upgraded SunPower from a “sell” rating to a “hold” rating and set a $36.00 price objective for the company in a report on Tuesday, February 23rd. Finally, Piper Sandler cut their price target on shares of SunPower from $35.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, March 9th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $29.58.

The company’s 50 day moving average is $31.33 and its 200 day moving average is $29.16. The company has a market cap of $4.89 billion, a PE ratio of 78.59 and a beta of 2.47. The company has a current ratio of 1.14, a quick ratio of 0.91 and a debt-to-equity ratio of 12.46.

SunPower (NASDAQ:SPWR) last issued its earnings results on Tuesday, February 16th. The semiconductor company reported $0.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.08. The business had revenue of $341.81 million for the quarter, compared to the consensus estimate of $355.63 million. SunPower had a net margin of 4.05% and a negative return on equity of 256.87%. Analysts expect that SunPower Co. will post -0.34 EPS for the current year.

In other news, insider Vichheka Heang sold 2,124 shares of SunPower stock in a transaction on Monday, February 22nd. The stock was sold at an average price of $35.81, for a total value of $76,060.44. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Thomas H. Werner sold 130,000 shares of the business’s stock in a transaction on Monday, February 22nd. The stock was sold at an average price of $33.40, for a total value of $4,342,000.00. Following the completion of the transaction, the chief executive officer now directly owns 408,076 shares of the company’s stock, valued at $13,629,738.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 378,668 shares of company stock worth $12,551,717. Insiders own 1.11% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of SPWR. Trustcore Financial Services LLC purchased a new position in shares of SunPower in the 4th quarter worth approximately $26,000. Sowell Financial Services LLC increased its position 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 purchasing an additional 488 shares in the last quarter. Baillie Gifford & Co. purchased a new stake in shares of SunPower during the 4th quarter valued at $38,000. Retirement Group LLC acquired a new stake in shares of SunPower in the 4th quarter worth $58,000. Finally, Nisa Investment Advisors LLC boosted its holdings in SunPower by 340.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,880 shares of the semiconductor company’s stock worth $99,000 after acquiring an additional 3,000 shares in the last quarter. Institutional investors own 45.92% of the company’s stock.

About SunPower (NASDAQ:SPWR)

SunPower Corporation delivers solar solutions worldwide. It operates through Residential, Light Commercial; Commercial and Industrial Solutions; and Others segments. The company provides 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; and sells turn-key engineering, procurement, and construction services, as well as sells energy under power purchase agreements.

Further Reading: Dividend Yield

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