SunPower (NASDAQ:SPWR) Trading 6.8% Higher on Analyst Upgrade

SunPower Co. (NASDAQ:SPWR) shot up 6.8% during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $11.00 to $13.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. SunPower traded as high as $13.54 and last traded at $13.36. 9,336,352 shares traded hands during trading, an increase of 107% from the average session volume of 4,518,436 shares. The stock had previously closed at $12.51.

Several other equities research analysts have also recently weighed in on the company. Oppenheimer assumed coverage on SunPower in a research note on Thursday, August 6th. They set a “hold” rating for the company. Raymond James restated a “hold” rating on shares of SunPower in a research report on Friday, August 14th. Robert W. Baird raised shares of SunPower from a “neutral” rating to an “outperform” rating and increased their target price for the company from $10.00 to $13.00 in a research report on Friday, September 11th. BidaskClub raised shares of SunPower from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Morgan Stanley upgraded shares of SunPower from an “underweight” rating to an “equal weight” rating in a research note on Friday, September 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $9.63.

In other news, CEO Thomas H. Werner sold 80,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $13.00, for a total value of $1,040,000.00. Following the transaction, the chief executive officer now owns 680,342 shares of the company’s stock, valued at $8,844,446. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Vichheka Heang sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the sale, the insider now owns 15,981 shares of the company’s stock, valued at approximately $196,406.49. The disclosure for this sale can be found here. In the last three months, insiders have sold 170,000 shares of company stock worth $2,141,300. Corporate insiders own 1.11% of the company’s stock.

A number of institutional investors have recently made changes to their positions in SPWR. Luminus Management LLC purchased a new stake in shares of SunPower in the first quarter valued at about $8,219,000. Invesco Ltd. lifted its position in SunPower by 36.3% in the first quarter. Invesco Ltd. now owns 4,173,533 shares of the semiconductor company’s stock valued at $21,159,000 after purchasing an additional 1,112,016 shares during the period. Point72 Asset Management L.P. purchased a new stake in SunPower in the 2nd quarter valued at approximately $6,415,000. Federated Hermes Inc. boosted its holdings in SunPower by 26.5% in the 2nd quarter. Federated Hermes Inc. now owns 3,120,000 shares of the semiconductor company’s stock valued at $23,899,000 after purchasing an additional 654,196 shares in the last quarter. Finally, Mark Asset Management LP increased its position in SunPower by 160.7% during the 2nd quarter. Mark Asset Management LP now owns 552,154 shares of the semiconductor company’s stock worth $4,229,000 after purchasing an additional 340,324 shares during the period. Institutional investors own 39.29% of the company’s stock.

The company has a debt-to-equity ratio of 12.46, a quick ratio of 0.69 and a current ratio of 1.03. The firm has a fifty day moving average price of $11.20 and a 200 day moving average price of $8.44. The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of 668.33 and a beta of 2.35.

SunPower (NASDAQ:SPWR) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported ($0.22) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.48) by $0.26. The business had revenue of $352.91 million for the quarter, compared to analyst estimates of $314.85 million. Research analysts predict that SunPower Co. will post -0.69 earnings per share for the current fiscal year.

SunPower Company Profile (NASDAQ:SPWR)

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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