SunPower Co. (NASDAQ:SPWR – Get Rating) saw some unusual options trading on Wednesday. Investors purchased 9,304 call options on the company. This is an increase of approximately 38% compared to the typical daily volume of 6,721 call options.
SunPower Stock Up 7.8 %
Shares of SPWR stock traded up $1.86 on Wednesday, hitting $25.82. The stock had a trading volume of 135,454 shares, compared to its average volume of 2,618,749. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -28.70 and a beta of 1.97. The stock’s 50 day moving average is $20.48 and its 200-day moving average is $19.15. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 1.19. SunPower has a 52-week low of $12.78 and a 52-week high of $34.61.
SunPower (NASDAQ:SPWR – Get Rating) last announced its earnings results on Tuesday, August 2nd. The semiconductor company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.02). The firm had revenue of $417.80 million during the quarter, compared to analysts’ expectations of $364.47 million. SunPower had a negative net margin of 10.51% and a negative return on equity of 4.15%. SunPower’s revenue for the quarter was up 60.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.01 earnings per share. As a group, research analysts expect that SunPower will post 0.12 earnings per share for the current year.
Insider Buying and Selling at SunPower
In other SunPower news, EVP Douglas J. Richards sold 23,912 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $25.90, for a total value of $619,320.80. Following the sale, the executive vice president now owns 23,909 shares of the company’s stock, valued at $619,243.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Manavendra Sial sold 25,000 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $26.63, for a total transaction of $665,750.00. Following the sale, the chief financial officer now owns 50,810 shares of the company’s stock, valued at $1,353,070.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Douglas J. Richards sold 23,912 shares of the company’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $25.90, for a total value of $619,320.80. Following the sale, the executive vice president now directly owns 23,909 shares in the company, valued at approximately $619,243.10. The disclosure for this sale can be found here. Insiders have sold a total of 62,912 shares of company stock valued at $1,634,371 over the last quarter. 0.65% of the stock is owned by company insiders.
Institutional Trading of SunPower
Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in shares of SunPower by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 1,486,729 shares of the semiconductor company’s stock worth $31,028,000 after purchasing an additional 30,253 shares during the period. Northern Trust Corp lifted its holdings in shares of SunPower by 29.2% in the 4th quarter. Northern Trust Corp now owns 1,120,885 shares of the semiconductor company’s stock worth $23,393,000 after purchasing an additional 253,222 shares during the last quarter. Millennium Management LLC boosted its position in SunPower by 370.4% during the 2nd quarter. Millennium Management LLC now owns 887,523 shares of the semiconductor company’s stock valued at $14,032,000 after purchasing an additional 698,844 shares during the period. Goldman Sachs Group Inc. grew its stake in SunPower by 203.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 762,502 shares of the semiconductor company’s stock worth $16,379,000 after buying an additional 511,085 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in SunPower in the second quarter worth $10,623,000. 36.61% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on the stock. Raymond James upped their price objective on shares of SunPower from $22.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, August 3rd. Wells Fargo & Company started coverage on shares of SunPower in a research note on Wednesday, June 29th. They set an “underweight” rating and a $17.00 target price for the company. Morgan Stanley upped their price objective on SunPower from $22.00 to $31.00 and gave the company an “equal weight” rating in a research note on Thursday, August 18th. JPMorgan Chase & Co. lifted their target price on SunPower from $20.00 to $25.00 and gave the company an “underweight” rating in a research note on Monday, August 8th. Finally, Roth Capital dropped their target price on SunPower from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Friday, July 22nd. Five analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $22.19.
About SunPower
SunPower Corporation, a solar technology and energy services provider, offers solar, storage, and home energy solutions to customers primarily in the United States and Canada. It operates through Residential, Light Commercial; Commercial and Industrial Solutions; and Others segments. The company provides solar, storage, and home energy solutions and components through a combination of its third-party installing and non-installing dealer network and resellers, as well as in-house sales team; and turn-key engineering, procurement, and construction services and sale of energy under power purchase agreements.