$445.90 Million in Sales Expected for SunPower Co. (NASDAQ:SPWR) This Quarter

Wall Street brokerages expect SunPower Co. (NASDAQ:SPWR) to report $445.90 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for SunPower’s earnings, with the lowest sales estimate coming in at $441.80 million and the highest estimate coming in at $450.00 million. SunPower posted sales of $447.15 million during the same quarter last year, which would indicate a negative year over year growth rate of 0.3%. The firm is expected to issue its next quarterly earnings results on Monday, July 29th.

According to Zacks, analysts expect that SunPower will report full year sales of $1.95 billion for the current year, with estimates ranging from $1.91 billion to $1.98 billion. For the next financial year, analysts forecast that the business will post sales of $2.22 billion, with estimates ranging from $2.16 billion to $2.27 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for SunPower.

SunPower (NASDAQ:SPWR) last announced its quarterly earnings data on Thursday, May 9th. The semiconductor company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.05. SunPower had a negative return on equity of 83.67% and a negative net margin of 46.65%. The business had revenue of $348.22 million during the quarter, compared to analyst estimates of $387.93 million. During the same quarter last year, the firm posted ($0.20) earnings per share. The company’s revenue for the quarter was down 11.1% on a year-over-year basis.

A number of research analysts recently commented on the company. ValuEngine raised SunPower from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 19th. BidaskClub raised SunPower from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Zacks Investment Research raised SunPower from a “strong sell” rating to a “buy” rating and set a $8.25 target price on the stock in a research report on Tuesday, April 16th. Raymond James downgraded SunPower from an “outperform” rating to a “market perform” rating and set a $9.84 price objective on the stock. in a research report on Wednesday, June 19th. Finally, JPMorgan Chase & Co. started coverage on SunPower in a research report on Thursday, April 11th. They issued a “neutral” rating and a $7.50 price objective on the stock. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $7.62.

Shares of SunPower stock traded down $0.33 during trading hours on Thursday, reaching $10.00. 1,649,865 shares of the stock traded hands, compared to its average volume of 1,914,472. The business’s 50 day moving average is $8.38. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -11.36 and a beta of 2.08. SunPower has a one year low of $4.55 and a one year high of $11.01. The company has a quick ratio of 0.89, a current ratio of 1.15 and a debt-to-equity ratio of 39.39.

In other news, CFO Manavendra Sial sold 8,177 shares of SunPower stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $8.06, for a total value of $65,906.62. Following the completion of the sale, the chief financial officer now directly owns 8,178 shares of the company’s stock, valued at $65,914.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kenneth Lawrence Mahaffey sold 32,248 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $7.98, for a total value of $257,339.04. Following the transaction, the executive vice president now directly owns 67,796 shares of the company’s stock, valued at $541,012.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 74,034 shares of company stock worth $588,421. 1.04% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in SunPower during the 4th quarter valued at approximately $5,873,000. IndexIQ Advisors LLC purchased a new stake in SunPower in the 1st quarter valued at approximately $1,596,000. California Public Employees Retirement System lifted its stake in SunPower by 14.1% in the 4th quarter. California Public Employees Retirement System now owns 684,902 shares of the semiconductor company’s stock valued at $3,404,000 after buying an additional 84,826 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of SunPower by 56.2% during the 4th quarter. First Trust Advisors LP now owns 203,938 shares of the semiconductor company’s stock worth $1,014,000 after purchasing an additional 73,410 shares during the period. Finally, OZ Management LP purchased a new position in shares of SunPower during the 1st quarter worth $382,000. 27.86% of the stock is owned by institutional investors and hedge funds.

About SunPower

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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