SunPower (NASDAQ:SPWR) Lifted to “Buy” at BidaskClub

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BidaskClub upgraded shares of SunPower (NASDAQ:SPWR) from a hold rating to a buy rating in a research report released on Saturday, BidAskClub reports.

Other equities analysts have also issued research reports about the stock. ValuEngine upgraded shares of SunPower from a buy rating to a strong-buy rating in a report on Wednesday, June 19th. Morgan Stanley set a $6.00 price objective on shares of SunPower and gave the stock a sell rating in a report on Wednesday, May 8th. Credit Suisse Group upgraded shares of SunPower from a neutral rating to an outperform rating in a report on Thursday, August 1st. Goldman Sachs Group upgraded shares of SunPower from a neutral rating to a buy rating and boosted their price objective for the stock from $6.00 to $11.00 in a report on Monday, June 17th. Finally, Vertical Group began coverage on shares of SunPower in a report on Monday, July 22nd. They issued a sell rating on the stock. Four analysts have rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $7.84.

Shares of SPWR stock opened at $13.44 on Friday. SunPower has a 12 month low of $4.55 and a 12 month high of $16.04. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of -15.27 and a beta of 2.33. The business has a fifty day moving average price of $11.32.

SunPower (NASDAQ:SPWR) last issued its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.12). SunPower had a negative return on equity of 83.67% and a negative net margin of 12.95%. The firm had revenue of $481.90 million during the quarter, compared to analyst estimates of $444.23 million. During the same quarter in the prior year, the firm earned ($0.01) EPS. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, analysts forecast that SunPower will post -0.59 EPS for the current fiscal year.

In other news, CEO Thomas H. Werner sold 90,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $13.46, for a total value of $1,211,400.00. Following the sale, the chief executive officer now owns 537,165 shares in the company, valued at approximately $7,230,240.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kenneth Lawrence Mahaffey sold 32,248 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $7.98, for a total transaction of $257,339.04. Following the completion of the sale, the executive vice president now owns 67,796 shares in the company, valued at approximately $541,012.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 224,987 shares of company stock worth $2,661,696. Company insiders own 1.04% of the company’s stock.

Several institutional investors have recently modified their holdings of SPWR. Trust Co. of Vermont grew its position in shares of SunPower by 14.0% during the 1st quarter. Trust Co. of Vermont now owns 11,365 shares of the semiconductor company’s stock valued at $74,000 after buying an additional 1,400 shares during the last quarter. Creative Planning grew its position in shares of SunPower by 5.0% during the 1st quarter. Creative Planning now owns 31,794 shares of the semiconductor company’s stock valued at $207,000 after buying an additional 1,509 shares during the last quarter. ETF Managers Group LLC grew its position in shares of SunPower by 9.8% during the 1st quarter. ETF Managers Group LLC now owns 17,937 shares of the semiconductor company’s stock valued at $117,000 after buying an additional 1,598 shares during the last quarter. Exane Derivatives grew its position in shares of SunPower by 36.3% during the 1st quarter. Exane Derivatives now owns 6,107 shares of the semiconductor company’s stock valued at $40,000 after buying an additional 1,625 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in shares of SunPower by 8.3% during the 2nd quarter. Commonwealth Equity Services LLC now owns 21,276 shares of the semiconductor company’s stock valued at $227,000 after buying an additional 1,628 shares during the last quarter. Institutional investors and hedge funds own 27.75% of the company’s stock.

About SunPower

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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