Traders Buy Large Volume of SunPower Put Options (NASDAQ:SPWR)

Traders Buy Large Volume of SunPower Put Options (NASDAQ:SPWR)

SunPower Co. (NASDAQ:SPWR – Get Free Report) was the recipient of some unusual options trading on Thursday. Stock traders acquired 33,741 put options on the company. This represents an increase of 116% compared to the average daily volume of 15,649 put options.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wells Fargo & Company restated an “underweight” rating and set a $4.00 target price (down from $6.00) on shares of SunPower in a research note on Monday. Barclays dropped their price objective on shares of SunPower from $6.00 to $2.50 and set an “underweight” rating for the company in a research note on Thursday, November 2nd. Truist Financial dropped their target price on SunPower from $6.00 to $5.00 and set a “hold” rating for the company in a research report on Monday, November 6th. The Goldman Sachs Group reiterated a “sell” rating and issued a $4.00 price objective (down previously from $5.00) on shares of SunPower in a report on Monday, December 18th. Finally, JPMorgan Chase & Co. dropped their price target on shares of SunPower from $9.00 to $6.00 and set an “underweight” rating for the company in a research note on Thursday, October 19th. Nine research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, SunPower has a consensus rating of “Hold” and a consensus target price of $7.64.

SunPower Price Performance

NASDAQ:SPWR traded down $0.28 on Thursday, reaching $3.61. 5,960,354 shares of the company’s stock were exchanged, compared to its average volume of 6,189,251. The firm has a market cap of $633.05 million, a price-to-earnings ratio of -5.81 and a beta of 1.78. SunPower has a 52 week low of $3.52 and a 52 week high of $19.32. The stock has a fifty day simple moving average of $4.50 and a 200-day simple moving average of $6.50.

SunPower (NASDAQ:SPWR – Get Free Report) last released its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.09). The firm had revenue of $432.00 million during the quarter, compared to the consensus estimate of $429.64 million. SunPower had a negative net margin of 5.89% and a negative return on equity of 11.97%. As a group, sell-side analysts predict that SunPower will post -0.76 EPS for the current year.

Institutional Trading of SunPower

A number of hedge funds have recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV lifted its stake in SunPower by 3.2% during the third quarter. Mercer Global Advisors Inc. ADV now owns 24,881 shares of the semiconductor company’s stock worth $573,000 after purchasing an additional 782 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of SunPower by 6.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 13,966 shares of the semiconductor company’s stock valued at $321,000 after acquiring an additional 823 shares during the last quarter. Toroso Investments LLC lifted its stake in shares of SunPower by 24.7% in the 3rd quarter. Toroso Investments LLC now owns 5,077 shares of the semiconductor company’s stock valued at $117,000 after acquiring an additional 1,007 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of SunPower by 11.4% in the 2nd quarter. Prudential Financial Inc. now owns 10,818 shares of the semiconductor company’s stock valued at $164,000 after acquiring an additional 1,103 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of SunPower by 0.5% in the 4th quarter. Alliancebernstein L.P. now owns 212,391 shares of the semiconductor company’s stock valued at $3,829,000 after acquiring an additional 1,125 shares during the last quarter. 47.36% of the stock is owned by institutional investors.

About SunPower 

SunPower Corporation, a solar technology and energy services provider, offers solar, storage, and home energy solutions primarily in the United States and Canada. Its solutions include the Equinox and SunVault systems which are pre-engineered modular solutions for residential applications that combine solar module technology with integrated plug-and-play power stations, cable management systems, and mounting hardware that enable dealers and installers to complete system installations, as well as for end customers to manage their energy production.

Share:
error: Content is protected !!