SunPower Co. (NASDAQ:SPWR) was the target of unusually large options trading on Monday. Stock traders bought 8,456 call options on the stock. This represents an increase of approximately 539% compared to the typical daily volume of 1,323 call options.
Several brokerages have issued reports on SPWR. BidaskClub upgraded SunPower from a “hold” rating to a “buy” rating in a research note on Wednesday, April 10th. Credit Suisse Group cut SunPower from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $10.00 to $7.00 in a research note on Friday, February 15th. 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. Barclays began coverage on SunPower in a research note on Monday, January 7th. They set an “underweight” rating and a $4.00 price objective on the stock. Finally, JPMorgan Chase & Co. began 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. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $7.11.
Several institutional investors have recently made changes to their positions in SPWR. ETF Managers Group LLC grew its holdings in SunPower by 15.8% in the 4th quarter. ETF Managers Group LLC now owns 16,339 shares of the semiconductor company’s stock worth $81,000 after buying an additional 2,226 shares in the last quarter. Legal & General Group Plc grew its holdings in SunPower by 11.7% in the 4th quarter. Legal & General Group Plc now owns 21,138 shares of the semiconductor company’s stock worth $105,000 after buying an additional 2,214 shares in the last quarter. Metropolitan Life Insurance Co. NY grew its holdings in SunPower by 483.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 24,165 shares of the semiconductor company’s stock worth $120,000 after buying an additional 20,024 shares in the last quarter. SG Americas Securities LLC grew its holdings in SunPower by 75.1% in the 4th quarter. SG Americas Securities LLC now owns 25,935 shares of the semiconductor company’s stock worth $129,000 after buying an additional 11,124 shares in the last quarter. Finally, Highland Capital Management LP bought a new position in SunPower in the 3rd quarter worth approximately $146,000. Institutional investors and hedge funds own 27.59% of the company’s stock.
Shares of SunPower stock traded down $0.07 on Wednesday, reaching $7.51. 955,231 shares of the company were exchanged, compared to its average volume of 1,708,711. The company has a current ratio of 1.52, a quick ratio of 1.09 and a debt-to-equity ratio of 39.39. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -8.53 and a beta of 2.30. SunPower has a 1-year low of $4.55 and a 1-year high of $10.00.
SunPower (NASDAQ:SPWR) last announced its quarterly earnings results on Wednesday, February 13th. The semiconductor company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.13. The business had revenue of $525.40 million for the quarter, compared to analysts’ expectations of $566.06 million. SunPower had a negative return on equity of 83.67% and a negative net margin of 46.99%. The business’s quarterly revenue was down 36.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 EPS. Sell-side analysts predict that SunPower will post -0.89 earnings per share for the current year.
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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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