Short Interest in SunPower Co. (NASDAQ:SPWR) Grows By 7.6%

SunPower Co. (NASDAQ:SPWR) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 18,842,700 shares, a growth of 7.6% from the July 31st total of 17,514,300 shares. Currently, 30.1% of the company’s stock are sold short. Based on an average daily volume of 2,990,000 shares, the short-interest ratio is presently 6.3 days.

Several equities analysts have recently commented on SPWR shares. Credit Suisse Group raised shares of SunPower from a “neutral” rating to an “outperform” rating in a research report on Thursday, August 1st. Raymond James cut shares of SunPower from an “outperform” rating to a “market perform” rating and set a $9.84 price target on the stock. in a research report on Wednesday, June 19th. Barclays reaffirmed a “sell” rating and set a $6.00 price target on shares of SunPower in a research report on Monday, August 5th. BidaskClub cut shares of SunPower from a “buy” rating to a “hold” rating in a report on Tuesday, September 10th. Finally, ValuEngine cut shares of SunPower from a “strong-buy” rating to a “buy” rating in a report on Thursday. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $8.48.

NASDAQ SPWR traded up $0.27 during trading hours on Friday, reaching $12.44. The company’s stock had a trading volume of 504,310 shares, compared to its average volume of 1,829,323. The business has a 50-day simple moving average of $12.90 and a 200 day simple moving average of $9.40. SunPower has a 52 week low of $4.55 and a 52 week high of $16.04. The stock has a market cap of $1.73 billion, a PE ratio of -14.14 and a beta of 2.29.

SunPower (NASDAQ:SPWR) last issued its earnings results on Wednesday, July 31st. The semiconductor company reported ($0.26) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.12). SunPower had a negative return on equity of 83.67% and a negative net margin of 12.95%. The business had revenue of $481.90 million during the quarter, compared to the consensus estimate of $444.23 million. During the same period in the prior year, the business earned ($0.01) EPS. The business’s revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts forecast that SunPower will post -0.67 EPS for the current fiscal year.

In other news, EVP Douglas J. Richards sold 60,953 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $14.14, for a total transaction of $861,875.42. Following the transaction, the executive vice president now owns 30,476 shares of the company’s stock, valued at $430,930.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas H. Werner sold 90,000 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $13.46, for a total transaction of $1,211,400.00. Following the transaction, the chief executive officer now directly owns 537,165 shares in the company, valued at approximately $7,230,240.90. The disclosure for this sale can be found here. Insiders have sold 159,131 shares of company stock worth $2,192,674 in the last ninety days. Corporate insiders own 1.04% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alps Advisors Inc. raised its holdings in shares of SunPower by 103.1% during the second quarter. Alps Advisors Inc. now owns 101,904 shares of the semiconductor company’s stock valued at $1,089,000 after buying an additional 51,722 shares during the last quarter. Comerica Bank bought a new stake in shares of SunPower during the second quarter valued at approximately $879,000. California Public Employees Retirement System raised its holdings in shares of SunPower by 8.4% during the first quarter. California Public Employees Retirement System now owns 742,145 shares of the semiconductor company’s stock valued at $4,831,000 after buying an additional 57,243 shares during the last quarter. Trexquant Investment LP acquired a new position in shares of SunPower during the second quarter valued at approximately $258,000. Finally, Voloridge Investment Management LLC acquired a new position in shares of SunPower during the second quarter valued at approximately $784,000. 28.72% of the stock is currently owned by institutional investors.

SunPower Company Profile

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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