BlackRock Fund Advisors recently announced the acquisition of new stake in Sunpower Corp (NASDAQ:SPWR). The institutional investor has increased its shareholding in the Technology company by 3.07% to 16.33 million shares with purchase of 0.49 million shares. This fresh investment now brings its stake to 9.32% valued currently at $67.75 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.14 million to 9.19 million shares. And Schroder Investment Management Lt has lifted its position by 10.69% or 0.72 million shares – to 7.5 million shares.
Currently, there are 174.27M common shares owned by the public and among those 86.31M shares have been available to trade.
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Insiders at the company have transacted a total of 53 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 38 of these insider trades were purchases, accounting for 374,040 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 126,461 shares.
The top 3 mutual fund holders in Sunpower Corp are iShares Core S&P Small Cap ETF, Schroder ISF – Global Energy Tran, and Invesco Solar ETF. iShares Core S&P Small Cap ETF owns 5.77 million shares of the company’s stock, all valued at over $23.95 million. The company bought an additional 3204.0 shares recently to bring their total holdings to about 3.29% of the shares outstanding. Invesco Solar ETF bought 7155.0 shares to bring its total holdings to over 2.75 million shares at a value of $11.43 million. Invesco Solar ETF now owns shares totaling to 1.57% of the shares outstanding.
However, the script later moved the day high at 5.1600, down -31.27%. The company’s stock has a 5-day price change of -11.99% and -39.28% over the past three months. SPWR shares are trading -76.59% year to date (YTD), with the 12-month market performance down to -80.64% lower. It has a 12-month low price of $3.68 and touched a high of $21.64 over the same period. SPWR has an average intraday trading volume of 5.63 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -10.52%, -10.93%, and -52.91% respectively.
Institutional ownership of Sunpower Corp (NASDAQ: SPWR) shares accounts for 50.89% of the company’s 174.27M shares outstanding. Mutual fund holders own 20.48%, while other institutional holders and individual stakeholders account for 30.61% and 101.79% respectively.
It has a market capitalization of $739.30M and a beta (3y monthly) value of 1.86. The earnings-per-share (ttm) stands at -$0.62. Price movements for the stock have been influenced by the stock’s volatility, which stands at 19.75% over the week and 10.92% over the month.
Analysts forecast that Sunpower Corp (SPWR) will achieve an EPS of -$0.24 for the current quarter, -$0.12 for the next quarter and -$0.22 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.34 while analysts give the company a high EPS estimate of -$0.03. Comparatively, EPS for the current quarter was $0.15 a year ago. Earnings per share for the fiscal year are expected to decrease by -285.34%, and 51.49% over the next financial year.
Looking at the support for the SPWR, a number of firms have released research notes about the stock. Goldman stated their Sell rating for the stock in a research note on Dec-19-23, with the firm’s price target at $5-$4.
