SunPower Corp. (SPWR) Lowered to Sell at Zacks Investment Research
According to Zacks, “SunPower’s third-quarter 2016 earnings and revenues missed the respective Zacks Consensus Estimate. However, both the top and the bottom line improved from the respective year-ago figures. Moreover, gross margin expanded year over year. The company continues to witness growth in the residential and commercial markets. Besides, its strategic asset acquisition program and increasing production capacity should enable it to meet rising customer demand, while providing efficient but affordable services. However, a significant portion of SunPower’s revenues are exposed to foreign exchange fluctuations. Rising cost is another major headwind for the company given the constant need to come up with new and innovative technology. This has been hurting the company’s profit margin and thus calls for management to improve the overall capital structure.”
A number of other equities analysts also recently commented on SPWR. TheStreet downgraded SunPower Corp. from a hold rating to a sell rating in a report on Monday, July 25th. Guggenheim upgraded SunPower Corp. from a neutral rating to a buy rating and raised their price objective for the stock from $15.64 to $20.00 in a report on Wednesday, July 27th. Morgan Stanley restated an overweight rating and issued a $27.00 price objective (down from $39.00) on shares of SunPower Corp. in a report on Wednesday, August 3rd. JPMorgan Chase & Co. set a $28.00 price objective on SunPower Corp. and gave the stock a buy rating in a report on Friday, August 5th. Finally, Deutsche Bank AG downgraded SunPower Corp. from a buy rating to a hold rating and cut their price objective for the stock from $37.00 to $11.00 in a report on Wednesday, August 10th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $19.66.
Shares of SunPower Corp. (NASDAQ:SPWR) traded down 1.81% during trading on Tuesday, reaching $7.06. The company had a trading volume of 1,457,589 shares. SunPower Corp. has a 52-week low of $6.00 and a 52-week high of $31.10. The company’s market capitalization is $977.23 million. The firm has a 50-day moving average price of $7.97 and a 200-day moving average price of $12.32.
SunPower Corp. (NASDAQ:SPWR) last released its quarterly earnings data on Wednesday, November 9th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.30. The company had revenue of $729.30 million for the quarter, compared to the consensus estimate of $777.94 million. SunPower Corp. had a positive return on equity of 16.65% and a negative net margin of 16.95%. The company’s quarterly revenue was up 91.8% compared to the same quarter last year. During the same period last year, the business posted $0.13 EPS. On average, analysts predict that SunPower Corp. will post ($0.01) EPS for the current fiscal year.
Several large investors have recently made changes to their positions in SPWR. LMR Partners LLP bought a new stake in shares of SunPower Corp. during the second quarter worth about $1,084,000. Essex Investment Management Co. LLC increased its position in shares of SunPower Corp. by 5.5% in the second quarter. Essex Investment Management Co. LLC now owns 40,807 shares of the company’s stock worth $632,000 after buying an additional 2,114 shares in the last quarter. Shinko Asset Management Co. Ltd. increased its position in shares of SunPower Corp. by 64.6% in the second quarter. Shinko Asset Management Co. Ltd. now owns 20,593 shares of the company’s stock worth $319,000 after buying an additional 8,080 shares in the last quarter. Boston Common Asset Management LLC acquired a new position in shares of SunPower Corp. during the second quarter worth $393,000. Finally, New Harbor Financial Group LLC increased its position in shares of SunPower Corp. by 7,590.0% in the second quarter. New Harbor Financial Group LLC now owns 23,070 shares of the company’s stock worth $357,000 after buying an additional 22,770 shares in the last quarter. 39.05% of the stock is currently owned by institutional investors.
About SunPower Corp.
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.
Receive News & Stock Ratings for SunPower Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SunPower Corp. and related stocks with our FREE daily email newsletter.