Zacks: Analysts Anticipate SunPower Co. (NASDAQ:SPWR) to Announce $0.08 EPS

Wall Street analysts expect SunPower Co. (NASDAQ:SPWR – Get Rating) to announce $0.08 earnings per share for the current fiscal quarter, according to Zacks. Eight analysts have issued estimates for SunPower’s earnings, with the lowest EPS estimate coming in at $0.01 and the highest estimate coming in at $0.19. SunPower reported earnings per share of $0.06 during the same quarter last year, which indicates a positive year-over-year growth rate of 33.3%. The company is scheduled to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that SunPower will report full year earnings of $0.36 per share for the current year, with EPS estimates ranging from $0.26 to $0.65. For the next financial year, analysts expect that the firm will report earnings of $0.66 per share, with EPS estimates ranging from $0.41 to $0.87. Zacks’ earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for SunPower.

SunPower (NASDAQ:SPWR – Get Rating) last released its quarterly earnings data on Thursday, May 5th. The semiconductor company reported ($0.01) earnings per share for the quarter. The company had revenue of $350.28 million during the quarter, compared to analyst estimates of $317.56 million. SunPower had a negative net margin of 1.23% and a negative return on equity of 3.50%. The firm’s quarterly revenue was up 45.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.03 EPS.

A number of analysts have weighed in on SPWR shares. Cowen increased their price target on shares of SunPower from $18.00 to $20.00 in a report on Friday, April 1st. Bank of America upgraded shares of SunPower from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $13.00 to $23.00 in a research report on Monday, April 4th. Morgan Stanley reaffirmed a “hold” rating and issued a $21.00 target price on shares of SunPower in a research note on Friday, April 1st. The Goldman Sachs Group lifted their price objective on shares of SunPower from $15.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, April 4th. Finally, Piper Sandler lifted their price objective on shares of SunPower from $20.00 to $24.00 in a research note on Thursday, April 21st. Three research 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $22.62.

SPWR stock traded up $1.11 during trading hours on Thursday, hitting $18.73. The company’s stock had a trading volume of 70,657 shares, compared to its average volume of 2,959,772. The company has a market capitalization of $3.26 billion, a PE ratio of -124.86 and a beta of 2.05. SunPower has a 12 month low of $12.78 and a 12 month high of $34.61. The stock has a 50 day moving average price of $18.67 and a two-hundred day moving average price of $19.97.

Several hedge funds and other institutional investors have recently bought and sold shares of SPWR. Point72 Asset Management L.P. acquired a new stake in shares of SunPower in the third quarter valued at approximately $22,127,000. Renaissance Technologies LLC acquired a new stake in shares of SunPower in the first quarter valued at approximately $15,318,000. Norges Bank acquired a new stake in shares of SunPower in the fourth quarter valued at approximately $11,756,000. Goldman Sachs Group Inc. raised its holdings in shares of SunPower by 203.3% in the first quarter. Goldman Sachs Group Inc. now owns 762,502 shares of the semiconductor company’s stock valued at $16,379,000 after purchasing an additional 511,085 shares during the last quarter. Finally, Two Sigma Advisers LP raised its holdings in shares of SunPower by 332.1% in the third quarter. Two Sigma Advisers LP now owns 521,890 shares of the semiconductor company’s stock valued at $11,836,000 after purchasing an additional 401,100 shares during the last quarter. Institutional investors own 36.61% of the company’s stock.

About SunPower (Get Rating)

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.

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