SunPower (NASDAQ:SPWR) Trading 6.8% Higher

SunPower Co. (NASDAQ:SPWR) traded up 6.8% during trading on Friday . The stock traded as high as $16.04 and last traded at $15.51, 276,306 shares traded hands during mid-day trading. A decline of 86% from the average session volume of 1,917,809 shares. The stock had previously closed at $14.52.

Several research analysts have recently commented on the stock. Zacks Investment Research raised shares of SunPower from a “strong sell” rating to a “buy” rating and set a $8.25 price target for the company in a report on Tuesday, April 16th. Raymond James lowered shares of SunPower from an “outperform” rating to a “market perform” rating and set a $9.84 price target for the company. in a report on Wednesday, June 19th. JPMorgan Chase & Co. assumed coverage on shares of SunPower in a report on Thursday, April 11th. They issued a “neutral” rating and a $7.50 price target for the company. Vertical Group assumed coverage on shares of SunPower in a report on Monday, July 22nd. They issued a “sell” rating for the company. Finally, BidaskClub raised shares of SunPower from a “hold” rating to a “buy” rating in a report on Saturday. Four investment analysts have rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $7.62.

The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -17.16 and a beta of 2.33. The firm’s fifty day moving average price is $10.94.

SunPower (NASDAQ:SPWR) last issued its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.12). The firm had revenue of $481.90 million during the quarter, compared to the consensus estimate of $444.23 million. SunPower had a negative net margin of 12.95% and a negative return on equity of 83.67%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.01) earnings per share. As a group, equities analysts anticipate that SunPower Co. will post -0.59 earnings per share for the current year.

In related news, CFO Manavendra Sial sold 8,177 shares of SunPower stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $8.06, for a total value of $65,906.62. Following the sale, the chief financial officer now directly owns 8,178 shares in the company, valued at approximately $65,914.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Patrick Wood III sold 33,609 shares of SunPower stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $7.89, for a total transaction of $265,175.01. Following the completion of the sale, the director now owns 129,083 shares in the company, valued at $1,018,464.87. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,034 shares of company stock worth $588,421. 1.04% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of SPWR. Quantamental Technologies LLC raised its position in shares of SunPower by 55,714.3% during the 1st quarter. Quantamental Technologies LLC now owns 3,907 shares of the semiconductor company’s stock worth $25,000 after buying an additional 3,900 shares in the last quarter. Exane Derivatives raised its position in shares of SunPower by 36.3% during the 1st quarter. Exane Derivatives now owns 6,107 shares of the semiconductor company’s stock worth $40,000 after buying an additional 1,625 shares in the last quarter. Trust Co. of Vermont raised its position in shares of SunPower by 14.0% during the 1st quarter. Trust Co. of Vermont now owns 11,365 shares of the semiconductor company’s stock worth $74,000 after buying an additional 1,400 shares in the last quarter. DAVENPORT & Co LLC bought a new stake in shares of SunPower during the 2nd quarter worth about $132,000. Finally, ETF Managers Group LLC raised its position in shares of SunPower by 9.8% during the 1st quarter. ETF Managers Group LLC now owns 17,937 shares of the semiconductor company’s stock worth $117,000 after buying an additional 1,598 shares in the last quarter. Hedge funds and other institutional investors own 27.86% of the company’s stock.

About SunPower (NASDAQ:SPWR)

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.

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