SunPower (SPWR) Raised to Buy at BidaskClub

BidaskClub upgraded shares of SunPower (NASDAQ:SPWR) from a hold rating to a buy rating in a research note published on Tuesday.

Several other brokerages have also recently issued reports on SPWR. Robert W. Baird raised SunPower from a neutral rating to an outperform rating and increased their price objective for the stock from $7.00 to $10.00 in a research note on Monday, December 11th. Bank of America dropped their price objective on SunPower from $12.00 to $10.00 and set a neutral rating on the stock in a research note on Tuesday, September 26th. Morgan Stanley cut SunPower from an equal weight rating to an underweight rating and dropped their price objective for the stock from $7.22 to $6.00 in a research note on Wednesday, September 27th. Zacks Investment Research cut SunPower from a buy rating to a hold rating in a research note on Tuesday, October 3rd. Finally, Macquarie cut SunPower from an outperform rating to a neutral rating in a research note on Friday, September 8th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. SunPower has an average rating of Hold and an average target price of $9.85.

Shares of SunPower (SPWR) traded down $0.03 during trading hours on Tuesday, reaching $9.04. The company had a trading volume of 1,309,924 shares, compared to its average volume of 3,589,539. SunPower has a 52 week low of $5.84 and a 52 week high of $11.70. The company has a market capitalization of $1,265.91, a PE ratio of -2.25 and a beta of 3.14. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.02 and a current ratio of 1.41.

SunPower (NASDAQ:SPWR) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.60. SunPower had a negative return on equity of 20.81% and a negative net margin of 24.91%. The company had revenue of $477.20 million for the quarter, compared to analysts’ expectations of $383.76 million. During the same quarter in the prior year, the firm earned $0.68 earnings per share. SunPower’s revenue was down 34.6% compared to the same quarter last year. sell-side analysts anticipate that SunPower will post -0.77 EPS for the current fiscal year.

In other news, Director Catherine A. Lesjak sold 23,632 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $7.50, for a total value of $177,240.00. Following the completion of the sale, the director now owns 55,924 shares of the company’s stock, valued at approximately $419,430. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.92% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. WFG Advisors LP raised its stake in SunPower by 7.6% in the 2nd quarter. WFG Advisors LP now owns 15,550 shares of the semiconductor company’s stock worth $145,000 after acquiring an additional 1,100 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in SunPower by 8.1% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 23,084 shares of the semiconductor company’s stock worth $216,000 after acquiring an additional 1,730 shares during the last quarter. Van ECK Associates Corp raised its stake in SunPower by 2.3% in the 2nd quarter. Van ECK Associates Corp now owns 114,172 shares of the semiconductor company’s stock worth $1,066,000 after acquiring an additional 2,599 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in SunPower by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,390,856 shares of the semiconductor company’s stock worth $12,991,000 after acquiring an additional 3,841 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in SunPower by 13.6% in the 2nd quarter. Alliancebernstein L.P. now owns 46,900 shares of the semiconductor company’s stock worth $438,000 after acquiring an additional 5,610 shares during the last quarter. Institutional investors own 25.39% of the company’s stock.

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SunPower 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.

Analyst Recommendations for SunPower (NASDAQ:SPWR)

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