Wall Street analysts forecast that SunPower Co. (NASDAQ:SPWR) will announce $309.59 million in sales for the current quarter, Zacks reports. Five analysts have provided estimates for SunPower's earnings, with the lowest sales estimate coming in at $296.80 million and the highest estimate coming in at $345.30 million. SunPower posted sales of $454.38 million in the same quarter last year, which suggests a negative year over year growth rate of 31.9%. The company is scheduled to report its next quarterly earnings results on Thursday, May 6th.
On average, analysts expect that SunPower will report full-year sales of $1.48 billion for the current financial year, with estimates ranging from $1.41 billion to $1.55 billion. For the next fiscal year, analysts forecast that the firm will post sales of $1.82 billion, with estimates ranging from $1.69 billion to $2.01 billion. Zacks' sales averages are a mean average based on a survey of sell-side research analysts that follow SunPower.
SunPower (NASDAQ:SPWR) last issued its quarterly earnings results on Tuesday, February 16th. The semiconductor company reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.08. SunPower had a net margin of 4.05% and a negative return on equity of 256.87%.
SPWR has been the topic of several research analyst reports. Barclays boosted their target price on shares of SunPower from $5.00 to $9.00 and gave the stock an "underweight" rating in a research report on Thursday, October 29th. Zacks Investment Research raised SunPower from a "sell" rating to a "hold" rating and set a $36.00 target price on the stock in a report on Tuesday. The Goldman Sachs Group lifted their price target on SunPower from $23.00 to $33.00 and gave the stock a "buy" rating in a research note on Monday, January 4th. Truist started coverage on shares of SunPower in a report on Tuesday, January 12th. They set a "hold" rating and a $31.00 target price for the company. Finally, Credit Suisse Group downgraded SunPower from a "neutral" rating to an "underperform" rating and set a $23.00 price objective for the company. in a research report on Monday. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company's stock. The stock presently has an average rating of "Hold" and a consensus price target of $28.75.
In related news, CEO Thomas H. Werner sold 130,000 shares of the company's stock in a transaction that occurred on Monday, February 22nd. The shares were sold at an average price of $33.40, for a total transaction of $4,342,000.00. Following the completion of the transaction, the chief executive officer now owns 408,076 shares of the company's stock, valued at $13,629,738.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vichheka Heang sold 2,124 shares of the stock in a transaction that occurred on Monday, February 22nd. The stock was sold at an average price of $35.81, for a total transaction of $76,060.44. The disclosure for this sale can be found here. 1.11% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Sowell Financial Services LLC boosted its holdings in SunPower by 73.2% in the fourth quarter. Sowell Financial Services LLC now owns 1,155 shares of the semiconductor company's stock valued at $30,000 after acquiring an additional 488 shares during the last quarter. DAVENPORT & Co LLC lifted its stake in shares of SunPower by 4.0% in the 4th quarter. DAVENPORT & Co LLC now owns 12,850 shares of the semiconductor company's stock valued at $329,000 after purchasing an additional 500 shares in the last quarter. Trustcore Financial Services LLC purchased a new stake in shares of SunPower during the 4th quarter worth about $26,000. New York State Common Retirement Fund increased its position in SunPower by 1.6% during the 4th quarter. New York State Common Retirement Fund now owns 68,000 shares of the semiconductor company's stock worth $1,744,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Baillie Gifford & Co. purchased a new position in SunPower in the fourth quarter valued at approximately $38,000. 45.92% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ SPWR opened at $37.75 on Thursday. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of 102.03 and a beta of 2.47. The business's 50 day moving average is $41.41 and its two-hundred day moving average is $23.34. SunPower has a 12-month low of $4.03 and a 12-month high of $57.52. The company has a current ratio of 1.14, a quick ratio of 0.91 and a debt-to-equity ratio of 12.46.
SunPower Corporation delivers solar solutions worldwide. It operates through SunPower Energy Services and SunPower Technologies segments. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors. It also offers commercial rooftop and ground-mounted solar power systems, and residential mounting systems.
Further Reading: Overbought
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