SunPower (SPWR) Announces Earnings Results, Beats Expectations By $0.05 EPS

SunPower (NASDAQ:SPWR) announced its earnings results on Thursday. The semiconductor company reported ($0.45) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.50) by $0.05, Morningstar.com reports. SunPower had a negative return on equity of 2,775.24% and a negative net margin of 46.65%. The business had revenue of $348.22 million for the quarter, compared to analyst estimates of $387.93 million. During the same quarter last year, the firm earned ($0.20) EPS. SunPower’s revenue for the quarter was down 11.1% compared to the same quarter last year. SunPower updated its FY 2019 guidance to EPS and its Q2 2019 guidance to EPS.

SPWR stock traded up $0.82 during mid-day trading on Friday, reaching $8.20. The company had a trading volume of 7,809,826 shares, compared to its average volume of 1,411,885. The company has a quick ratio of 1.09, a current ratio of 1.52 and a debt-to-equity ratio of 39.39. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -9.32 and a beta of 2.32. SunPower has a 52 week low of $4.55 and a 52 week high of $9.60.

Hedge funds have recently bought and sold shares of the business. Rhumbline Advisers grew its stake in SunPower by 40.4% in the fourth quarter. Rhumbline Advisers now owns 90,729 shares of the semiconductor company’s stock valued at $451,000 after purchasing an additional 26,089 shares in the last quarter. Canal Insurance CO bought a new position in shares of SunPower during the 4th quarter worth approximately $298,000. Vanguard Group Inc boosted its stake in shares of SunPower by 10.2% during the 3rd quarter. Vanguard Group Inc now owns 6,265,071 shares of the semiconductor company’s stock worth $45,735,000 after acquiring an additional 580,984 shares during the period. MetLife Investment Advisors LLC boosted its stake in shares of SunPower by 55.4% during the 3rd quarter. MetLife Investment Advisors LLC now owns 48,884 shares of the semiconductor company’s stock worth $357,000 after acquiring an additional 17,431 shares during the period. Finally, SG Americas Securities LLC boosted its stake in shares of SunPower by 75.1% during the 4th quarter. SG Americas Securities LLC now owns 25,935 shares of the semiconductor company’s stock worth $129,000 after acquiring an additional 11,124 shares during the period. Hedge funds and other institutional investors own 26.72% of the company’s stock.

SPWR has been the subject of a number of analyst reports. ValuEngine upgraded SunPower from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Bank of America downgraded SunPower from a “neutral” rating to an “underperform” rating and set a $6.00 price target for the company. in a research note on Friday, February 15th. Credit Suisse Group downgraded SunPower from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $10.00 to $7.00 in a research note on Friday, February 15th. BidaskClub upgraded SunPower from a “strong sell” rating to a “sell” rating in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. initiated coverage on SunPower in a research note on Thursday, April 11th. They issued a “neutral” rating and a $7.50 price target for the company. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $6.97.

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SunPower Company Profile

SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.

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Earnings History for SunPower (NASDAQ:SPWR)

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