SunPower (NASDAQ:SPWR) Trading Up 10.6% Following Earnings Beat

SunPower Co. (NASDAQ:SPWR) shares were up 10.6% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $11.18 and last traded at $10.94, approximately 9,526,265 shares were traded during trading. An increase of 189% from the average daily volume of 3,301,557 shares. The stock had previously closed at $9.89.

The semiconductor company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.08 by $0.15. The business had revenue of $607.00 million for the quarter, compared to the consensus estimate of $615.05 million. During the same quarter in the previous year, the company earned ($0.21) EPS. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis.

Several equities research analysts recently commented on SPWR shares. Cowen lowered SunPower from an “outperform” rating to a “market perform” rating and set a $10.00 target price on the stock. in a research report on Thursday. Credit Suisse Group cut their target price on SunPower from $14.50 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, November 29th. TheStreet upgraded SunPower from a “d” rating to a “c” rating in a research report on Wednesday. BidaskClub upgraded SunPower from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Roth Capital started coverage on SunPower in a research report on Tuesday, February 4th. They set a “neutral” rating and a $9.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $8.93.

Hedge funds have recently bought and sold shares of the stock. Altshuler Shaham Ltd acquired a new position in SunPower during the 4th quarter worth approximately $49,000. Russell Investments Group Ltd. acquired a new position in SunPower during the 3rd quarter worth approximately $69,000. Amalgamated Bank acquired a new position in SunPower during the 4th quarter worth approximately $81,000. Point72 Asset Management L.P. acquired a new position in SunPower during the 4th quarter worth approximately $115,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in SunPower by 10.8% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,157 shares of the semiconductor company’s stock worth $118,000 after buying an additional 1,091 shares during the period. 31.60% of the stock is currently owned by institutional investors and hedge funds.

The business has a 50 day moving average of $8.54 and a two-hundred day moving average of $10.01. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -7.51 and a beta of 2.18.

About SunPower (NASDAQ:SPWR)

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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