SunPower Corporation (SPWR) Shares Gap Up to $7.03

SunPower Corporation (NASDAQ:SPWR)’s share price gapped up before the market opened on Monday . The stock had previously closed at $7.20, but opened at $7.03. SunPower Corporation shares last traded at $7.15, with a volume of 3,488,134 shares traded.

A number of equities analysts recently issued reports on the stock. BidaskClub cut shares of SunPower Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $13.00 price objective (up from $10.00) on shares of SunPower Corporation in a research report on Wednesday, August 2nd. Cowen and Company set a $12.00 price objective on shares of SunPower Corporation and gave the stock a “buy” rating in a research report on Friday, August 11th. Zacks Investment Research cut shares of SunPower Corporation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, ValuEngine cut shares of SunPower Corporation from a “hold” rating to a “sell” rating in a research report on Friday, September 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $9.29.

The company’s 50 day moving average price is $7.28 and its 200-day moving average price is $8.27. The stock’s market cap is $993.18 million.

SunPower Corporation (NASDAQ:SPWR) last issued its earnings results on Tuesday, August 1st. The semiconductor company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.24. SunPower Corporation had a negative net margin of 21.84% and a negative return on equity of 12.56%. The company had revenue of $341.50 million for the quarter, compared to the consensus estimate of $312.58 million. During the same period in the previous year, the firm earned ($0.22) earnings per share. The firm’s revenue for the quarter was down 15.0% on a year-over-year basis. On average, equities research analysts anticipate that SunPower Corporation will post ($1.08) earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cortland Associates Inc. MO purchased a new position in shares of SunPower Corporation in the third quarter worth $109,000. CAPROCK Group Inc. boosted its holdings in SunPower Corporation by 1.1% in the second quarter. CAPROCK Group Inc. now owns 11,941 shares of the semiconductor company’s stock valued at $112,000 after acquiring an additional 128 shares in the last quarter. HighTower Advisors LLC bought a new stake in SunPower Corporation in the second quarter valued at $124,000. Candriam Luxembourg S.C.A. bought a new stake in SunPower Corporation in the second quarter valued at $130,000. Finally, WFG Advisors LP boosted its holdings in SunPower Corporation by 7.6% in the second quarter. WFG Advisors LP now owns 15,550 shares of the semiconductor company’s stock valued at $145,000 after acquiring an additional 1,100 shares in the last quarter. 28.41% of the stock is currently owned by institutional investors.

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SunPower Corporation Company Profile

SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.

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