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 9.31% valued currently at $78.85 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.
With over 12.11 million Sunpower Corp (SPWR) shares trading Friday and a closing price of $3.25 on the day, the dollar volume was approximately $39.35 million. The shares have shown a negative half year performance of -67.82% and its price on 01/12/24 lost nearly -9.22%. Currently, there are 174.27M common shares owned by the public and among those 86.45M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 30 analysts who have offered their price forecasts for SPWR have a consensus price objective of $4.41. The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $2.50. The average price target is 26.3% above its recent price level and a downside to the estimated low will see the stock lose -30.0% over that period. But an upside of 59.38% will see the stock hit the forecast high price target while median target price for the stock is $4.00.
Insiders at the company have transacted a total of 49 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 36 of these insider trades were purchases, accounting for 357,765 shares. Insider sales of the common stock occurred on 13 occasions, with total insider shares sold totaling 121,419 shares.
The top 3 mutual fund holders in Sunpower Corp are iShares Core S&P Small Cap ETF, Schroder ISF – Global Energy Tran, and Vanguard Total Stock Market ETF. iShares Core S&P Small Cap ETF owns 5.8 million shares of the company’s stock, all valued at over $28.0 million. The company bought an additional 5786.0 shares recently to bring their total holdings to about 3.31% of the shares outstanding. Vanguard Total Stock Market ETF now owns shares totaling to 1.57% of the shares outstanding.
Shares of Sunpower Corp (NASDAQ: SPWR) opened at $3.52, down -$0.06 from a prior closing price of $3.58. However, the script later moved the day high at 3.6950, down -9.22%. The company’s stock has a 5-day price change of -18.03% and -42.58% over the past three months. SPWR shares are trading -32.71% year to date (YTD), with the 12-month market performance down to -82.63% lower. It has a 12-month low price of $3.52 and touched a high of $19.32 over the same period. SPWR has an average intraday trading volume of 7.21 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 -29.22%, -27.32%, and -60.09% respectively.
Institutional ownership of Sunpower Corp (NASDAQ: SPWR) shares accounts for 51.08% of the company’s 174.27M shares outstanding. Mutual fund holders own 19.90%, while other institutional holders and individual stakeholders account for 31.41% and 101.71% respectively.
It has a market capitalization of $569.92M and a beta (3y monthly) value of 1.83. The earnings-per-share (ttm) stands at -$0.74. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.31% over the week and 11.20% over the month.
Analysts forecast that Sunpower Corp (SPWR) will achieve an EPS of -$0.24 for the current quarter, -$0.13 for the next quarter and -$0.27 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.35 while analysts give the company a high EPS estimate of -$0.02. Comparatively, EPS for the current quarter was $0.15 a year ago. Earnings per share for the fiscal year are expected to decrease by -308.77%, and 54.67% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 30 brokerage firm advisors rate Sunpower Corp (SPWR) as a “Hold” at a consensus score of 3.43. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 19 of the 30 advise that investors “hold,” and 8 rated it as a “Sell.”
Looking at the support for the SPWR, a number of firms have released research notes about the stock. Susquehanna stated their Neutral rating for the stock in a research note on January 11, 2024, with the firm’s price target at $5.50-$4.
