SunPower Corp. (SPWR) Releases Earnings Results, Beats Expectations By $0.30 EPS
SunPower Corp. (NASDAQ:SPWR) announced its quarterly earnings results on Wednesday. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.30. The firm earned $729.30 million during the quarter, compared to analyst estimates of $777.94 million. SunPower Corp. had a positive return on equity of 10.76% and a negative net margin of 21.75%. SunPower Corp.’s quarterly revenue was up 91.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 earnings per share.
Shares of SunPower Corp. (NASDAQ:SPWR) opened at 6.32 on Friday. SunPower Corp. has a 12 month low of $6.00 and a 12 month high of $31.10. The firm’s market capitalization is $873.11 million. The firm’s 50-day moving average price is $8.09 and its 200 day moving average price is $12.76.
SPWR has been the subject of a number of research reports. Morgan Stanley reiterated an “overweight” rating and issued a $27.00 price target (down previously from $39.00) on shares of SunPower Corp. in a report on Wednesday, August 3rd. Goldman Sachs Group Inc. restated a “neutral” rating and set a $9.00 target price on shares of SunPower Corp. in a report on Wednesday, October 26th. Vetr lowered SunPower Corp. from a “strong-buy” rating to a “buy” rating and set a $9.80 target price for the company. in a report on Wednesday, October 19th. JMP Securities started coverage on SunPower Corp. in a report on Thursday, September 8th. They set an “underperform” rating and a $6.00 target price for the company. Finally, Oppenheimer Holdings Inc. restated a “market perform” rating and set a $39.00 target price on shares of SunPower Corp. in a report on Wednesday, August 10th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $19.82.
Several large investors have recently added to or reduced their stakes in SPWR. BlackRock Inc. boosted its stake in SunPower Corp. by 101.8% in the first quarter. BlackRock Inc. now owns 6,559 shares of the company’s stock valued at $146,000 after buying an additional 3,308 shares during the period. Tower Research Capital LLC TRC purchased a new stake in SunPower Corp. during the second quarter valued at about $102,000. Teacher Retirement System of Texas boosted its stake in SunPower Corp. by 28.6% in the second quarter. Teacher Retirement System of Texas now owns 8,613 shares of the company’s stock valued at $133,000 after buying an additional 1,914 shares during the period. Seven Eight Capital LLC purchased a new stake in SunPower Corp. during the first quarter valued at about $207,000. Finally, Utah Retirement Systems boosted its stake in SunPower Corp. by 8.2% in the second quarter. Utah Retirement Systems now owns 10,500 shares of the company’s stock valued at $163,000 after buying an additional 800 shares during the period. 39.31% of the stock is owned by institutional investors and hedge funds.
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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