First Trust Advisors LP decreased its position in shares of SunPower Corp. (NASDAQ:SPWR) by 86.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 135,656 shares of the company’s stock after selling 901,547 shares during the period. First Trust Advisors LP owned approximately 0.10% of SunPower Corp. worth $2,101,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System boosted its position in SunPower Corp. by 17.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 64,692 shares of the company’s stock worth $1,002,000 after buying an additional 9,615 shares in the last quarter. Delta Lloyd NV raised its stake in shares of SunPower Corp. by 4.6% in the second quarter. Delta Lloyd NV now owns 1,103,495 shares of the company’s stock worth $17,093,000 after buying an additional 48,865 shares during the last quarter. Utah Retirement Systems raised its stake in shares of SunPower Corp. by 8.2% in the second quarter. Utah Retirement Systems now owns 10,500 shares of the company’s stock worth $163,000 after buying an additional 800 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of SunPower Corp. by 308.1% in the second quarter. SG Americas Securities LLC now owns 38,296 shares of the company’s stock worth $593,000 after buying an additional 28,912 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new stake in shares of SunPower Corp. during the second quarter worth about $242,000. 38.75% of the stock is currently owned by hedge funds and other institutional investors.
Shares of SunPower Corp. (NASDAQ:SPWR) traded up 3.27% during midday trading on Friday, reaching $8.52. The company’s stock had a trading volume of 3,989,006 shares. SunPower Corp. has a 52 week low of $7.37 and a 52 week high of $31.10. The company has a 50 day moving average of $10.07 and a 200-day moving average of $16.14. The stock’s market capitalization is $1.18 billion.
SunPower Corp. (NASDAQ:SPWR) last posted its quarterly earnings results on Tuesday, August 9th. The company reported ($0.22) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. The business earned $420.50 million during the quarter, compared to the consensus estimate of $344.97 million. SunPower Corp. had a negative net margin of 21.75% and a positive return on equity of 10.76%. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 earnings per share. Equities research analysts predict that SunPower Corp. will post $0.35 earnings per share for the current year.
A number of brokerages recently issued reports on SPWR. JMP Securities began coverage on SunPower Corp. in a report on Thursday, September 8th. They issued an “underperform” rating and a $6.00 price target for the company. Barclays PLC lowered SunPower Corp. from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $23.00 to $12.00 in a report on Saturday, August 13th. Morgan Stanley lowered SunPower Corp. from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $27.00 to $12.00 in a report on Friday, August 12th. Avondale Partners lowered SunPower Corp. from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 10th. Finally, Citigroup Inc. lowered SunPower Corp. from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 10th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. SunPower Corp. presently has a consensus rating of “Hold” and an average price target of $26.00.
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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