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SunPower Corporation (NASDAQ: SPWR):The Stock Was Up 9.47 Percent From Its Lows On Thursday, So What’s To Come?

During the last session, SunPower Corporation (NASDAQ:SPWR)’s traded shares were 3.1 million, with the beta value of the company hitting 1.95. At the end of the trading day, the stock’s price was $10.35, reflecting an intraday gain of 0.39% or $0.04. The 52-week high for the SPWR share is $28.42, that puts it down -174.59 from that peak though still a striking 9.47% gain since the share price plummeted to a 52-week low of $9.37. The company’s market capitalization is $1.99B, and the average intraday trading volume over the past 10 days was 5.43 million shares, and the average trade volume was 4.67 million shares over the past three months.

SunPower Corporation (SPWR) received a consensus recommendation of a Hold from analysts. That translates to a mean rating of 2.90. SPWR has a Sell rating from 3 analyst(s) out of 28 analysts who have looked at this stock. 21 analyst(s) recommend to Hold the stock while 2 suggest Overweight, and 2 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.06.

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SunPower Corporation (NASDAQ:SPWR) trade information

SunPower Corporation (SPWR) registered a 0.39% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 0.39% in intraday trading to $10.35 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -1.43%, and it has moved by -17.79% in 30 days. Based on these gigs, the overall price performance for the year is -35.11%. The short interest in SunPower Corporation (NASDAQ:SPWR) is 13.4 million shares and it means that shorts have 2.58 day(s) to cover.

The consensus price target of analysts on Wall Street is $15.76, which implies an increase of 34.33% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $6.81 and $24.00 respectively. As a result, SPWR is trading at a discount of -131.88% off the target high and 34.2% off the low.

SunPower Corporation (SPWR) estimates and forecasts

Statistics show that SunPower Corporation has underperformed its competitors in share price, compared to the industry in which it operates. SunPower Corporation (SPWR) shares have gone down -55.90% during the last six months, with a year-to-date growth rate less than the industry average at -18.18% against 30.50. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 100.00% this quarter and then jump 30.80% in the quarter after that. In the rating firms’ projections, revenue will increase 22.60% compared to the previous financial year.

Revenue for the current quarter is expected to be $490.64 million as predicted by 20 analyst(s). Meanwhile, a consensus of 20 analyst(s) estimates revenue growth to $563.68 million by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $414.1 million and $428 million respectively. In this case, analysts expect current quarter sales to grow by 18.50% and then jump by 31.70% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 16.30%. While earnings are projected to return 9.10% in 2023, the next five years will return 52.64% per annum.

SPWR Dividends

SunPower Corporation is due to release its next quarterly earnings between July 31 and August 04. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

SunPower Corporation (NASDAQ:SPWR)’s Major holders

SunPower Corporation insiders own 0.60% of total outstanding shares while institutional holders control 91.32%, with the float percentage being 91.86%. Blackrock Inc. is the largest shareholder of the company, while 398 institutions own stock in it. As of Mar 30, 2023, the company held over 15.58 million shares (or 8.91% of all shares), a total value of $215.68 million in shares.

The next largest institutional holding, with 8.55 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 4.89% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $118.35 million.

Also, the Mutual Funds coming in first place with the largest holdings of SunPower Corporation (SPWR) shares are Invesco ETF TR II-Invesco Solar ETF and iShares Core S&P Midcap ETF. Data provided on Mar 30, 2023 indicates that Invesco ETF TR II-Invesco Solar ETF owns about 3.05 million shares. This amounts to just over 1.74 percent of the company’s overall shares, with a $42.18 million market value. The same data shows that the other fund manager holds slightly less at 2.66 million, or about 1.52% of the stock, which is worth about $40.01 million.

On Key

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