Wall Street brokerages predict that SunPower Co. (NASDAQ:SPWR) will announce $352.34 million in sales for the current quarter, Zacks reports. Seven analysts have provided estimates for SunPower's earnings. The highest sales estimate is $364.20 million and the lowest is $344.50 million. SunPower reported sales of $274.81 million during the same quarter last year, which indicates a positive year over year growth rate of 28.2%. The company is expected to issue its next quarterly earnings results on Wednesday, October 27th.
On average, analysts expect that SunPower will report full-year sales of $1.44 billion for the current financial year, with estimates ranging from $1.42 billion to $1.45 billion. For the next financial year, analysts expect that the business will report sales of $1.84 billion, with estimates ranging from $1.72 billion to $2.01 billion. Zacks Investment Research's sales averages are an average based on a survey of research firms that cover SunPower.
SunPower (NASDAQ:SPWR) last announced its quarterly earnings results on Monday, August 2nd. The semiconductor company reported $0.06 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $0.02 by $0.04. SunPower had a net margin of 39.28% and a return on equity of 5.04%.
SPWR has been the subject of several research reports. The Goldman Sachs Group increased their price target on shares of SunPower from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Friday, July 2nd. They noted that the move was a valuation call. TheStreet upgraded shares of SunPower from a "d" rating to a "c-" rating in a research note on Thursday, August 19th. Piper Sandler reduced their price target on shares of SunPower from $28.00 to $26.00 and set a "neutral" rating for the company in a research note on Thursday, July 15th. Morgan Stanley lifted their price target on shares of SunPower from $22.00 to $24.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 20th. Finally, Zacks Investment Research lowered shares of SunPower from a "buy" rating to a "hold" rating and set a $27.00 price target for the company. in a research note on Thursday, July 22nd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $25.42.
Large investors have recently modified their holdings of the business. Parametric Portfolio Associates LLC lifted its holdings in shares of SunPower by 5.0% in the second quarter. Parametric Portfolio Associates LLC now owns 63,886 shares of the semiconductor company's stock worth $1,867,000 after buying an additional 3,014 shares in the last quarter. Brookfield Asset Management Inc. purchased a new position in shares of SunPower in the second quarter worth $1,215,000. Invesco Ltd. lifted its holdings in shares of SunPower by 4.4% in the second quarter. Invesco Ltd. now owns 4,709,682 shares of the semiconductor company's stock worth $137,618,000 after buying an additional 196,806 shares in the last quarter. Lisanti Capital Growth LLC purchased a new position in shares of SunPower in the second quarter worth $3,275,000. Finally, Maverick Capital Ltd. purchased a new position in shares of SunPower in the second quarter worth $269,000. 30.38% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ:SPWR opened at $21.61 on Wednesday. The company has a 50-day moving average price of $23.30 and a 200-day moving average price of $26.40. SunPower has a 12 month low of $9.54 and a 12 month high of $57.52. The company has a current ratio of 2.60, a quick ratio of 2.02 and a debt-to-equity ratio of 1.08. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 8.89, a P/E/G ratio of 6.82 and a beta of 2.04.
SunPower Company Profile
SunPower Corp. engages in the design, manufacture and deliver of solar panels and systems. It operates through the following business segments: Residential, Light Commercial; Commercial & Industrial Solutions; and Other. The Residential, Light Commercial segment refers to the sales of solar energy solutions, including sales to its third-party dealer network and resellers, storage solutions, cash and loan sales, and long-term leases directly to end customers.
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