SunPower (SPWR) Trading Down 9.9%

SunPower Corporation (NASDAQ:SPWR)’s share price fell 9.9% during trading on Tuesday . The company traded as low as $7.07 and last traded at $7.09. 7,171,100 shares were traded during mid-day trading, an increase of 130% from the average session volume of 3,117,755 shares. The stock had previously closed at $7.87.

A number of brokerages have commented on SPWR. Macquarie downgraded shares of SunPower from an “outperform” rating to a “neutral” rating in a report on Friday, September 8th. Cowen set a $12.00 target price on shares of SunPower and gave the stock a “buy” rating in a report on Friday, August 11th. ValuEngine upgraded shares of SunPower from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Robert W. Baird reiterated a “hold” rating and issued a $7.00 target price on shares of SunPower in a report on Friday, September 1st. Finally, Zacks Investment Research downgraded shares of SunPower from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $9.55.

The company has a quick ratio of 1.02, a current ratio of 1.41 and a debt-to-equity ratio of 1.71.

SunPower (NASDAQ:SPWR) last issued its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $0.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.39) by $0.60. SunPower had a negative net margin of 24.91% and a negative return on equity of 20.81%. The company had revenue of $477.20 million for the quarter, compared to the consensus estimate of $383.76 million. During the same quarter in the prior year, the company earned $0.68 EPS. SunPower’s quarterly revenue was down 34.6% on a year-over-year basis. sell-side analysts expect that SunPower Corporation will post -0.77 earnings per share for the current year.

Large investors have recently modified their holdings of the stock. Delta Lloyd Asset Management N.V. acquired a new position in SunPower in the 2nd quarter worth approximately $2,895,000. Northern Trust Corp increased its holdings in SunPower by 141.3% in the 2nd quarter. Northern Trust Corp now owns 845,237 shares of the semiconductor company’s stock worth $7,894,000 after buying an additional 494,979 shares during the period. Vanguard Group Inc. increased its holdings in SunPower by 13.8% in the 2nd quarter. Vanguard Group Inc. now owns 4,922,577 shares of the semiconductor company’s stock worth $45,977,000 after buying an additional 598,221 shares during the period. Nationwide Fund Advisors acquired a new position in SunPower in the 2nd quarter worth approximately $317,000. Finally, The Manufacturers Life Insurance Company increased its holdings in SunPower by 1,204.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,609 shares of the semiconductor company’s stock worth $463,000 after buying an additional 45,805 shares during the period. Institutional investors own 25.64% of the company’s stock.

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About SunPower

SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.

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