SunPower (SPWR) Stock Price Up 11.5%

SunPower Co. (NASDAQ:SPWR)’s share price rose 11.5% during trading on Thursday . The company traded as high as $9.55 and last traded at $9.47. Approximately 6,227,566 shares were traded during trading, an increase of 151% from the average daily volume of 2,483,846 shares. The stock had previously closed at $8.49.

Several equities research analysts recently weighed in on the company. Cowen restated a “buy” rating and set a $12.00 target price on shares of SunPower in a research note on Sunday, September 17th. ValuEngine cut SunPower from a “hold” rating to a “sell” rating in a research note on Friday, September 22nd. Bank of America reduced their price objective on SunPower from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, September 26th. Morgan Stanley cut SunPower from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $7.22 to $6.00 in a research note on Wednesday, September 27th. Finally, Zacks Investment Research lowered SunPower from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $9.85.

The company has a debt-to-equity ratio of 1.71, a current ratio of 1.41 and a quick ratio of 1.02. The stock has a market cap of $1,320.00, a price-to-earnings ratio of -2.36 and a beta of 3.16.

SunPower (NASDAQ:SPWR) last issued its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, beating 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 period last year, the firm earned $0.68 EPS. The firm’s revenue for the quarter was down 34.6% on a year-over-year basis. equities analysts forecast that SunPower Co. will post -0.77 EPS for the current 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 $419,430. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.92% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPWR. DnB Asset Management AS lifted its position in shares of SunPower by 447.4% in the fourth quarter. DnB Asset Management AS now owns 1,105,612 shares of the semiconductor company’s stock worth $9,320,000 after buying an additional 903,620 shares during the last quarter. Shelton Capital Management lifted its position in shares of SunPower by 10.8% in the third quarter. Shelton Capital Management now owns 70,000 shares of the semiconductor company’s stock worth $510,000 after buying an additional 6,800 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of SunPower by 3.8% in the third quarter. California Public Employees Retirement System now owns 859,292 shares of the semiconductor company’s stock worth $6,264,000 after purchasing an additional 31,392 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of SunPower in the third quarter worth about $244,000. Finally, Quentec Asset Management LLC bought a new position in shares of SunPower in the third quarter worth about $3,208,000. 25.39% of the stock is owned by hedge funds and other institutional investors.

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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.

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