Credit Suisse slashes price target on SunPower Corporation [SPWR] – find out why.

SunPower Corporation [NASDAQ: SPWR] gained 0.32% or 0.07 points to close at $21.76 with a heavy trading volume of 2881974 shares. The company report on August 19, 2021 that Blackouts, Rising Electricity Bills Driving Solar and Energy Storage Purchases.

2021 SunPower Energy Sense Index finds 4 in 5 homeowners with solar and storage feel prepared to weather a power outage.

As solar prices drop, three quarters of homeowners considering solar earn less than $100,000 annually survey finds.

It opened the trading session at $21.52, the shares rose to $22.55 and dropped to $21.26, the range by which the price of stock traded the whole day. The daily chart for SPWR points out that the company has recorded -29.05% loss over the past six months. However, it is still -128.09% lower than its most recent low trading price.

If we look at the average trading volume of 3.21M shares, SPWR reached to a volume of 2881974 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about SunPower Corporation [SPWR]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SPWR shares is $25.20 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SPWR stock is a recommendation set at 3.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Credit Suisse have made an estimate for SunPower Corporation shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on July 14, 2021. While these analysts kept the previous recommendation, Goldman dropped their target price from $42 to $32. The new note on the price target was released on March 23, 2021, representing the official price target for SunPower Corporation stock. Previously, the target price had yet another raise to $23, while Credit Suisse analysts kept a Underperform rating on SPWR stock.

The Average True Range (ATR) for SunPower Corporation is set at 1.05, with the Price to Sales ratio for SPWR stock in the period of the last 12 months amounting to 3.11. The Price to Book ratio for the last quarter was 8.47, with the Price to Cash per share for the same quarter was set at 2.91.

Trading performance analysis for SPWR stock

SunPower Corporation [SPWR] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.42. With this latest performance, SPWR shares gained by 2.50% in over the last four-week period, additionally sinking by -29.05% over the last 6 months – not to mention a rise of 103.55% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SPWR stock in for the last two-week period is set at 46.48, with the RSI for the last a single of trading hit 48.66, and the three-weeks RSI is set at 45.61 for SunPower Corporation [SPWR]. The present Moving Average for the last 50 days of trading for this stock 23.17, while it was recorded at 21.71 for the last single week of trading, and 28.60 for the last 200 days.

SunPower Corporation [SPWR]: A deeper dive into fundamental analysis

SunPower Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.00 and a Current Ratio set at 2.60.

An analysis of insider ownership at SunPower Corporation [SPWR]

There are presently around $1,162 million, or 34.20% of SPWR stock, in the hands of institutional investors. The top three institutional holders of SPWR stocks are: VANGUARD GROUP INC with ownership of 8,333,237, which is approximately -0.04% of the company’s market cap and around 0.50% of the total institutional ownership; BLACKROCK INC., holding 8,293,661 shares of the stock with an approximate value of $180.47 million in SPWR stocks shares; and INVESCO LTD., currently with $102.48 million in SPWR stock with ownership of nearly 4.361% of the company’s market capitalization.

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119 institutional holders increased their position in SunPower Corporation [NASDAQ:SPWR] by around 8,846,427 shares. Additionally, 143 investors decreased positions by around 13,290,651 shares, while 45 investors held positions by with 31,275,132 shares. The mentioned changes placed institutional holdings at 53,412,210 shares, according to the latest SEC report filing. SPWR stock had 42 new institutional investments in for a total of 2,506,366 shares, while 60 institutional investors sold positions of 3,686,340 shares during the same period.

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