SunPower Corporation [SPWR] stock Initiated by Barclays analyst, price target now $26

SunPower Corporation [NASDAQ: SPWR] gained 7.63% or 1.88 points to close at $26.53 with a heavy trading volume of 4476793 shares. The company report on August 2, 2022 that SunPower Reports Second Quarter 2022 Results.

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Added a record 19,700 customers in the second quarter, a 51% increase YoY.

It opened the trading session at $25.20, the shares rose to $26.565 and dropped to $24.5001, the range by which the price of stock traded the whole day. The daily chart for SPWR points out that the company has recorded 64.78% gains over the past six months. However, it is still -107.59% lower than its most recent low trading price.

If we look at the average trading volume of 3.01M shares, SPWR reached to a volume of 4476793 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 $20.94 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 3.10. 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.

Barclays have made an estimate for SunPower Corporation shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on August 05, 2022. While these analysts kept the previous recommendation, Wells Fargo raised their target price to Underweight. The new note on the price target was released on June 29, 2022, representing the official price target for SunPower Corporation stock. Previously, the target price had yet another drop from $19 to $13, while Goldman kept a Sell rating on SPWR stock.

The Average True Range (ATR) for SunPower Corporation is set at 1.48, with the Price to Sales ratio for SPWR stock in the period of the last 12 months amounting to 2.95. The Price to Book ratio for the last quarter was 11.15, with the Price to Cash per share for the same quarter was set at 3.04.

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 19.29. With this latest performance, SPWR shares gained by 63.66% in over the last four-week period, additionally plugging by 64.78% over the last 6 months – not to mention a rise of 9.13% 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 79.83, with the RSI for the last a single of trading hit 87.03, and the three-weeks RSI is set at 73.76 for SunPower Corporation [SPWR]. The present Moving Average for the last 50 days of trading for this stock 18.17, while it was recorded at 24.41 for the last single week of trading, and 20.42 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 0.90 and a Current Ratio set at 1.20.

An analysis of insider ownership at SunPower Corporation [SPWR]

There are presently around $1,634 million, or 38.10% of SPWR stock, in the hands of institutional investors. The top three institutional holders of SPWR stocks are: BLACKROCK INC. with ownership of 12,794,091, which is approximately 4.189% of the company’s market cap and around 0.40% of the total institutional ownership; VANGUARD GROUP INC, holding 8,051,959 shares of the stock with an approximate value of $213.62 million in SPWR stocks shares; and STATE STREET CORP, currently with $124.53 million in SPWR stock with ownership of nearly -4.337% of the company’s market capitalization.

121 institutional holders increased their position in SunPower Corporation [NASDAQ:SPWR] by around 7,746,996 shares. Additionally, 118 investors decreased positions by around 9,515,789 shares, while 64 investors held positions by with 44,321,051 shares. The mentioned changes placed institutional holdings at 61,583,836 shares, according to the latest SEC report filing. SPWR stock had 32 new institutional investments in for a total of 2,902,849 shares, while 32 institutional investors sold positions of 1,014,484 shares during the same period.


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