SunPower Co. (NASDAQ:SPWR)’s share price shot up 10.6% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $11.18 and last traded at $10.94, 9,526,265 shares changed hands during mid-day trading. An increase of 189% from the average session volume of 3,301,557 shares. The stock had previously closed at $9.89.
The semiconductor company reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.15. The firm had revenue of $607.00 million during the quarter, compared to the consensus estimate of $615.05 million. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.21) earnings per share.
Several equities analysts have weighed in on SPWR shares. Zacks Investment Research cut SunPower from a “hold” rating to a “sell” rating and set a $10.00 price objective for the company. in a report on Wednesday, February 5th. Roth Capital started coverage on SunPower in a report on Tuesday, February 4th. They issued a “neutral” rating and a $9.00 price objective for the company. Credit Suisse Group dropped their price objective on SunPower from $14.50 to $11.00 and set an “outperform” rating for the company in a report on Friday, November 29th. Goldman Sachs Group set a $14.00 price objective on SunPower and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Cfra cut SunPower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $8.93.
Several institutional investors have recently bought and sold shares of SPWR. Columbus Circle Investors acquired a new position in shares of SunPower during the 3rd quarter worth $16,279,000. Hennessy Advisors Inc. acquired a new position in shares of SunPower during the 4th quarter worth $8,368,000. SG Americas Securities LLC raised its holdings in shares of SunPower by 6,600.5% during the 3rd quarter. SG Americas Securities LLC now owns 849,692 shares of the semiconductor company’s stock worth $9,321,000 after buying an additional 837,011 shares in the last quarter. DNB Asset Management AS acquired a new position in shares of SunPower during the 4th quarter worth $4,125,000. Finally, Nuveen Asset Management LLC acquired a new position in shares of SunPower during the 2nd quarter worth $5,358,000. 31.60% of the stock is owned by institutional investors.
The company has a market cap of $1.19 billion, a price-to-earnings ratio of -7.51 and a beta of 2.18. The business has a fifty day moving average price of $8.54 and a 200 day moving average price of $10.01.
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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