Are Sunpower Corp (NASDAQ: SPWR) Shares Worth Your Money In 2023?

In the last trading session, 3.86 million Sunpower Corp (NASDAQ:SPWR) shares changed hands as the company’s beta touched 1.92. With the company’s per share price at $4.57 changed hands at $0.24 or 5.54% during last session, the market valuation stood at $800.62M. SPWR’s last price was a discount, traded about -446.39% off its 52-week high of $24.97. The share price had its 52-week low at $3.68, which suggests the last value was 19.47% up since then. When we look at Sunpower Corp’s average trading volume, we note the 10-day average is 4.46 million shares, with the 3-month average coming to 4.91 million.

Sunpower Corp (NASDAQ:SPWR) trade information

Instantly SPWR was in green as seen at the end of in last trading. With action 20.58%, the performance over the past five days has been green. The jump to weekly highs of 4.89 on Friday, 11/17/23 added 5.54% to the stock’s daily price. The company’s shares are showing year-to-date downside of -74.65%, with the 5-day performance at 20.58% in the green. However, in the 30-day time frame, Sunpower Corp (NASDAQ:SPWR) is -17.95% down. Looking at the short shares, we see there were 31.87 million shares sold at short interest cover period of 5.39 days.

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The consensus price target for the stock as assigned by Wall Street analysts is $5.43, meaning bulls need an upside of 15.84% from its current market value. According to analyst projections, SPWR’s forecast low is $2.50 with $17.80 as the target high. To hit the forecast high, the stock’s price needs a -289.5% plunge from its current level, while the stock would need to tank 45.3% for it to hit the projected low.

Sunpower Corp (SPWR) estimates and forecasts

Data shows that the Sunpower Corp share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -52.25% over the past 6 months, a -245.45% in annual growth rate that is considerably lower than the industry average of 22.50%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Sunpower Corp will fall -253.30%, while the growth in revenue is estimated to hit -57.10% for the next quarter. Year-over-year growth is forecast to reach -1.30% down from the last financial year.

Consensus estimates given by 16 financial analysts project the company’s revenue in the current quarter to hit an average of $365.83 million. 11 analysts are of the opinion that Sunpower Corp’s revenue for the quarter ending Mar 2024 will be $379.08 million. The company’s revenue for the corresponding quarters a year ago was $492.42 million. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -25.70%.

The 2023 estimates are for Sunpower Corp earnings to decrease by -275.15%.

SPWR Dividends

Sunpower Corp is expected to release its next quarterly earnings report between February 13 and February 19.

Sunpower Corp (NASDAQ:SPWR)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.63% of Sunpower Corp shares while 94.91% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 95.51%. There are 94.91% institutions holding the Sunpower Corp stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 11.05% of the shares, roughly 19.35 million SPWR shares worth $189.67 million.

Vanguard Group Inc holds the second largest percentage of outstanding shares, with 5.31% or 9.3 million shares worth $91.12 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Sep 29, 2023 were iShares Core S&P Smallcap ETF and Vanguard Total Stock Market Index Fund. With 5.8 million shares estimated at $35.79 million under it, the former controlled 3.31% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 1.57% of the shares, roughly 2.75 million shares worth around $26.91 million.

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