SunPower Corporation [SPWR] moved down -10.44: Why It’s Important

SunPower Corporation [NASDAQ: SPWR] traded at a low on 01/19/23, posting a -10.44 loss after which it closed the day’ session at $16.56. The company report on January 5, 2023 that SunPower and Maxeon Extend Their Current Supply Relationship to Meet Rising Homeowner Demand.

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New terms expand supply agreement through 2025.

SunPower Corp. (NASDAQ:SPWR), a leading residential solar technology and energy services provider, and Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN), a global leader in solar innovation and channels, have announced the extension of their supply relationship through 2025. Today’s updated agreement helps SunPower meet rising homeowner demand by providing SunPower with significant additional quantities of Maxeon’s high efficiency interdigitated back contact (IBC) solar panels, while also significantly enhancing Maxeon’s presence in the U.S. residential market.

The results of the trading session contributed to over 5256596 shares changing hands. Over the past one week, the price volatility of SunPower Corporation stands at 5.80% while the volatility over the past one month is 5.40%.

The market cap for SPWR stock reached $2.90 billion, with 174.12 million shares outstanding and 172.86 million shares in the current float. Compared to the average trading volume of 3.60M shares, SPWR reached a trading volume of 5256596 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say 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 $21.48 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 3.00. 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.

Wells Fargo have made an estimate for SunPower Corporation shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on January 06, 2023. While these analysts kept the previous recommendation, Wolfe Research raised their target price to Peer Perform. The new note on the price target was released on December 13, 2022, representing the official price target for SunPower Corporation stock. Previously, the target price had yet another raise to $16, while Deutsche Bank analysts kept a Hold rating on SPWR stock. On November 10, 2022, analysts decreased their price target for SPWR shares from 21 to 17.

The Average True Range (ATR) for SunPower Corporation is set at 1.09, with the Price to Sales ratio for SPWR stock in the period of the last 12 months amounting to 1.78. The Price to Book ratio for the last quarter was 5.17, with the Price to Cash per share for the same quarter was set at 3.05.

How has SPWR stock performed recently?

SunPower Corporation [SPWR] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -11.49. With this latest performance, SPWR shares dropped by -21.70% in over the last four-week period, additionally sinking by -4.61% over the last 6 months – not to mention a drop of -14.37% 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 34.80, with the RSI for the last a single of trading hit 31.55, and the three-weeks RSI is set at 37.53 for SunPower Corporation [SPWR]. The present Moving Average for the last 50 days of trading for this stock 20.73, while it was recorded at 18.25 for the last single week of trading, and 20.19 for the last 200 days.

SunPower Corporation [SPWR]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and SunPower Corporation [SPWR] shares currently have an operating margin of -1.72 and a Gross Margin at +16.62. SunPower Corporation’s Net Margin is presently recorded at -2.82.

Return on Equity for this stock declined to -9.43, with Return on Assets sitting at -2.33.

SunPower Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.30.

Insider trade positions for SunPower Corporation [SPWR]

There are presently around $1,045 million, or 89.70% of SPWR stock, in the hands of institutional investors. The top three institutional holders of SPWR stocks are: BLACKROCK INC. with ownership of 14,610,832, which is approximately -1.756% of the company’s market cap and around 0.30% of the total institutional ownership; VANGUARD GROUP INC, holding 8,016,251 shares of the stock with an approximate value of $132.75 million in SPWR stocks shares; and INVESCO LTD., currently with $58.63 million in SPWR stock with ownership of nearly -11.893% of the company’s market capitalization.

Positions in SunPower Corporation stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 132 institutional holders increased their position in SunPower Corporation [NASDAQ:SPWR] by around 8,245,630 shares. Additionally, 121 investors decreased positions by around 7,770,130 shares, while 62 investors held positions by with 47,078,502 shares. The mentioned changes placed institutional holdings at 63,094,262 shares, according to the latest SEC report filing. SPWR stock had 50 new institutional investments in for a total of 4,633,181 shares, while 30 institutional investors sold positions of 646,571 shares during the same period.


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