SunPower Co. (NASDAQ:SPWR) to Post Q1 2023 Earnings of $0.15 Per Share, Capital One Financial Forecasts

SunPower Co. (NASDAQ:SPWRGet Rating) – Investment analysts at Capital One Financial reduced their Q1 2023 EPS estimates for SunPower in a research report issued to clients and investors on Tuesday, August 2nd. Capital One Financial analyst T. Meric now anticipates that the semiconductor company will earn $0.15 per share for the quarter, down from their previous estimate of $0.17. The consensus estimate for SunPower’s current full-year earnings is $0.23 per share. Capital One Financial also issued estimates for SunPower’s Q2 2023 earnings at $0.15 EPS, Q3 2023 earnings at $0.19 EPS, Q4 2023 earnings at $0.18 EPS and FY2023 earnings at $0.66 EPS.

Several other analysts have also issued reports on SPWR. Raymond James upped their price target on shares of SunPower from $22.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price objective on shares of SunPower from $19.00 to $20.00 in a research report on Wednesday, July 20th. Roth Capital dropped their price objective on shares of SunPower from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, July 22nd. Piper Sandler dropped their price objective on shares of SunPower from $23.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 19th. Finally, UBS Group increased their price objective on shares of SunPower from $17.00 to $22.00 and gave the company a “neutral” rating in a research report on Wednesday. Five analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $21.60.

SunPower Stock Performance

NASDAQ SPWR opened at $24.08 on Friday. The company has a current ratio of 1.19, a quick ratio of 0.87 and a debt-to-equity ratio of 0.13. The firm’s fifty day moving average price is $17.70 and its two-hundred day moving average price is $17.99. SunPower has a 1 year low of $12.78 and a 1 year high of $34.61. The firm has a market capitalization of $4.19 billion, a P/E ratio of -26.76 and a beta of 2.06.

SunPower (NASDAQ:SPWRGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The semiconductor company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). SunPower had a negative return on equity of 4.15% and a negative net margin of 10.51%. The firm had revenue of $417.80 million for the quarter, compared to the consensus estimate of $364.47 million. During the same period last year, the company posted $0.01 earnings per share. The business’s revenue was up 60.2% compared to the same quarter last year.

Institutional Investors Weigh In On SunPower

A number of large investors have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. grew its stake in SunPower by 439.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 76,512 shares of the semiconductor company’s stock worth $1,210,000 after buying an additional 62,332 shares in the last quarter. Gerber Kawasaki Wealth & Investment Management grew its stake in SunPower by 10.2% during the second quarter. Gerber Kawasaki Wealth & Investment Management now owns 58,425 shares of the semiconductor company’s stock worth $923,000 after buying an additional 5,398 shares in the last quarter. EFG Asset Management North America Corp. grew its stake in SunPower by 6.1% during the second quarter. EFG Asset Management North America Corp. now owns 108,064 shares of the semiconductor company’s stock worth $1,708,000 after buying an additional 6,242 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in SunPower by 12.4% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,681 shares of the semiconductor company’s stock worth $706,000 after buying an additional 4,929 shares in the last quarter. Finally, AE Wealth Management LLC grew its stake in SunPower by 4.9% during the second quarter. AE Wealth Management LLC now owns 161,672 shares of the semiconductor company’s stock worth $2,556,000 after buying an additional 7,568 shares in the last quarter. 36.61% of the stock is currently owned by institutional investors and hedge funds.

SunPower Company Profile

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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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