Short Interest in SunPower Co. (SPWR) Drops By 8.6%

SunPower Co. (NASDAQ:SPWR) saw a significant drop in short interest in the month of September. As of September 14th, there was short interest totalling 18,154,735 shares, a drop of 8.6% from the August 31st total of 19,857,409 shares. Approximately 29.8% of the company’s stock are short sold. Based on an average daily trading volume, of 1,321,163 shares, the days-to-cover ratio is presently 13.7 days.

In other SunPower news, EVP Kenneth Lawrence Mahaffey sold 27,964 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $7.30, for a total value of $204,137.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.88% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC acquired a new position in SunPower during the first quarter valued at $109,000. Candriam Luxembourg S.C.A. acquired a new position in SunPower during the first quarter valued at $111,000. Cubist Systematic Strategies LLC acquired a new position in SunPower during the first quarter valued at $139,000. Suntrust Banks Inc. acquired a new position in SunPower during the first quarter valued at $145,000. Finally, Timber Hill LLC acquired a new position in SunPower during the second quarter valued at $148,000. Institutional investors own 27.22% of the company’s stock.

Several equities research analysts have weighed in on the stock. BidaskClub upgraded shares of SunPower from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. ValuEngine downgraded shares of SunPower from a “sell” rating to a “strong sell” rating in a research note on Monday, July 2nd. Robert W. Baird raised their target price on shares of SunPower from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Wednesday, September 19th. Credit Suisse Group upgraded shares of SunPower from a “neutral” rating to an “outperform” rating and raised their target price for the company from $8.00 to $10.00 in a research note on Wednesday, September 19th. Finally, JPMorgan Chase & Co. lowered their target price on shares of SunPower from $9.50 to $8.50 and set a “neutral” rating for the company in a research note on Thursday, June 7th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $9.06.

NASDAQ:SPWR opened at $7.44 on Friday. SunPower has a 12 month low of $6.36 and a 12 month high of $10.00. The company has a debt-to-equity ratio of 9.81, a current ratio of 1.75 and a quick ratio of 1.22. The firm has a market cap of $1.09 billion, a PE ratio of -18.17 and a beta of 2.06.

SunPower (NASDAQ:SPWR) last posted its quarterly earnings data on Monday, July 30th. The semiconductor company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.28. SunPower had a negative net margin of 60.01% and a positive return on equity of 1.37%. The business had revenue of $449.09 million during the quarter, compared to the consensus estimate of $389.86 million. During the same period in the previous year, the firm posted ($0.35) earnings per share. The business’s revenue for the quarter was up 36.9% compared to the same quarter last year. equities analysts predict that SunPower will post -1.55 EPS for the current year.

SunPower Company Profile

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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