SunPower Corp. (SPWR) Now Covered by JMP Securities

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Research analysts at JMP Securities assumed coverage on shares of SunPower Corp. (NASDAQ:SPWR) in a research note issued to investors on Thursday. The brokerage set an “underperform” rating and a $6.00 price target on the stock. JMP Securities’ price objective indicates a potential downside of 35.34% from the stock’s current price.
Other equities research analysts have also issued reports about the stock. Morgan Stanley lowered shares of SunPower Corp. from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $27.00 to $12.00 in a report on Friday, August 12th. Barclays PLC lowered shares of SunPower Corp. from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $23.00 to $12.00 in a report on Saturday, August 13th. Oppenheimer Holdings Inc. restated a “market perform” rating and issued a $39.00 price objective on shares of SunPower Corp. in a report on Wednesday, August 10th. Citigroup Inc. lowered shares of SunPower Corp. from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 10th. Finally, Robert W. Baird restated an “outperform” rating and issued a $37.00 price objective on shares of SunPower Corp. in a report on Saturday, May 14th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $26.00.
SunPower Corp. (NASDAQ:SPWR) traded down 8.40% on Thursday, reaching $9.27. 4,595,944 shares of the company were exchanged. The stock has a 50-day moving average price of $12.00 and a 200 day moving average price of $17.22. SunPower Corp. has a 52 week low of $9.27 and a 52 week high of $31.10. The stock’s market capitalization is $1.28 billion.

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SunPower Corp. (NASDAQ:SPWR) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.22) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.02. SunPower Corp. had a negative net margin of 21.75% and a positive return on equity of 10.76%. The business had revenue of $420.50 million for the quarter, compared to analyst estimates of $344.97 million. During the same period last year, the business earned $0.18 EPS. The company’s revenue was up 6.7% on a year-over-year basis. Analysts forecast that SunPower Corp. will post $0.35 earnings per share for the current year.
Several hedge funds recently made changes to their positions in SPWR. DNB Asset Management AS boosted its stake in shares of SunPower Corp. by 38.0% in the second quarter. DNB Asset Management AS now owns 2,073,760 shares of the company’s stock valued at $32,123,000 after buying an additional 570,958 shares during the period. DnB Asset Management AS boosted its stake in shares of SunPower Corp. by 54.4% in the first quarter. DnB Asset Management AS now owns 1,502,802 shares of the company’s stock valued at $33,573,000 after buying an additional 529,793 shares during the period. Impax Asset Management LTD boosted its stake in shares of SunPower Corp. by 39.2% in the first quarter. Impax Asset Management LTD now owns 1,149,713 shares of the company’s stock valued at $25,685,000 after buying an additional 323,853 shares during the period. Norges Bank bought a new stake in shares of SunPower Corp. during the fourth quarter valued at approximately $29,399,000. Finally, BlackRock Group LTD boosted its stake in shares of SunPower Corp. by 2.7% in the first quarter. BlackRock Group LTD now owns 977,061 shares of the company’s stock valued at $21,828,000 after buying an additional 25,455 shares during the period. Hedge funds and other institutional investors own 39.23% of the company’s stock.
About SunPower Corp.
SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements.

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