SunPower Corp. (NASDAQ:SPWR) has been assigned a $9.00 price objective by stock analysts at Deutsche Bank AG in a research report issued to clients and investors on Wednesday. The brokerage presently has a a “hold” rating on the stock. Deutsche Bank AG’s price objective would indicate a potential upside of 1.58% from the stock’s current price.
Other equities analysts have also recently issued research reports about the company. Barclays PLC cut SunPower Corp. from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $23.00 to $12.00 in a research report on Saturday, August 13th. Oppenheimer Holdings Inc. reissued a “market perform” rating and set a $39.00 price objective on shares of SunPower Corp. in a research report on Wednesday, August 10th. Morgan Stanley cut SunPower Corp. from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $27.00 to $12.00 in a research report on Friday, August 12th. Citigroup Inc. cut SunPower Corp. from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 10th. Finally, JPMorgan Chase & Co. set a $28.00 price objective on SunPower Corp. and gave the stock a “buy” rating in a research report on Friday, August 5th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $24.94.
SunPower Corp. (NASDAQ:SPWR) opened at 8.86 on Wednesday. SunPower Corp. has a 52-week low of $7.37 and a 52-week high of $31.10. The company’s 50-day moving average price is $9.21 and its 200-day moving average price is $15.19. The firm’s market cap is $1.22 billion.
SunPower Corp. (NASDAQ:SPWR) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.02. The company earned $420.50 million during the quarter, compared to the consensus estimate of $344.97 million. SunPower Corp. had a positive return on equity of 10.76% and a negative net margin of 21.75%. The firm’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 EPS. Analysts predict that SunPower Corp. will post $0.32 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC purchased a new position in shares of SunPower Corp. during the second quarter worth approximately $102,000. Teacher Retirement System of Texas raised its position in shares of SunPower Corp. by 28.6% in the second quarter. Teacher Retirement System of Texas now owns 8,613 shares of the company’s stock worth $133,000 after buying an additional 1,914 shares during the last quarter. BlackRock Inc. raised its position in shares of SunPower Corp. by 101.8% in the first quarter. BlackRock Inc. now owns 6,559 shares of the company’s stock worth $146,000 after buying an additional 3,308 shares during the last quarter. Utah Retirement Systems raised its position in shares of SunPower Corp. by 8.2% in the second quarter. Utah Retirement Systems now owns 10,500 shares of the company’s stock worth $163,000 after buying an additional 800 shares during the last quarter. Finally, Pacer Advisors Inc. purchased a new position in shares of SunPower Corp. during the second quarter worth approximately $163,000. Hedge funds and other institutional investors own 38.75% of the company’s stock.
SunPower Corp. Company Profile
SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements.
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