SunPower (NASDAQ:SPWR) released its earnings results on Wednesday. The semiconductor company reported ($0.26) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.12), Morningstar.com reports. The business had revenue of $481.90 million for the quarter, compared to analysts’ expectations of $444.23 million. SunPower had a negative net margin of 46.65% and a negative return on equity of 83.67%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.01) earnings per share. SunPower updated its Q3 2019 guidance to EPS and its FY 2019 guidance to EPS.
SPWR stock traded up $2.83 during mid-day trading on Thursday, reaching $14.52. The company had a trading volume of 23,430,437 shares, compared to its average volume of 2,135,367. The firm has a market capitalization of $1.53 billion, a PE ratio of -16.50 and a beta of 2.33. SunPower has a one year low of $4.55 and a one year high of $16.04. The business has a 50-day moving average price of $10.81.
In other SunPower news, Director Patrick Wood III sold 33,609 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $7.89, for a total value of $265,175.01. Following the sale, the director now directly owns 129,083 shares in the company, valued at $1,018,464.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Manavendra Sial sold 8,177 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $8.06, for a total value of $65,906.62. Following the completion of the sale, the chief financial officer now owns 8,178 shares in the company, valued at $65,914.68. The disclosure for this sale can be found here. Insiders sold 74,034 shares of company stock worth $588,421 over the last quarter. 1.04% of the stock is currently owned by company insiders.
Several equities analysts recently issued reports on the company. Goldman Sachs Group upgraded SunPower from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $6.00 to $11.00 in a research note on Monday, June 17th. ValuEngine upgraded SunPower from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 19th. Morgan Stanley set a $6.00 price objective on SunPower and gave the stock a “sell” rating in a research note on Wednesday, May 8th. Zacks Investment Research upgraded SunPower from a “strong sell” rating to a “buy” rating and set a $8.25 price objective on the stock in a research note on Tuesday, April 16th. Finally, JPMorgan Chase & Co. assumed coverage on SunPower in a research note on Thursday, April 11th. They set a “neutral” rating and a $7.50 price objective on the stock. Four analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $7.62.
SunPower Company Profile
SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.
Featured Article: Book Value Of Equity Per Share – BVPS Explained
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.