For Sunpower Corp [SPWR], Analyst sees a rise to $1. What next?

Sunpower Corp [NASDAQ: SPWR] loss -6.78% or -0.2 points to close at $2.75 with a heavy trading volume of 7011544 shares. The company report on February 29, 2024 at 9:05 AM that SunPower Announces Delay in Filing Form 10-K.

SunPower Corp. (NASDAQ:SPWR), (the “Company” or “SunPower”), a leading residential solar technology and energy services provider, today announced that it filed a Form 12b-25 with the Securities and Exchange Commission to provide notice of the delayed filing of its Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2023. SunPower requires additional time to complete its financial statements included in the Company’s Form 10-K. This is due the time and effort that was required to complete restatements of the Company’s prior period financial statements, which were filed with the SEC on December 18, 2023.

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Filing a Form 12b-25 will provide the Company with an automatic extension of fifteen additional calendar days to file the Form 10-K, which is due on February 29, 2024. SunPower expects to file the Form 10-K as soon as practicable.

The daily chart for SPWR points out that the company has recorded -58.46% loss over the past six months.

If we look at the average trading volume of 9.06M shares, SPWR reached to a volume of 7011544 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 Corp [SPWR]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SPWR shares is $3.64 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 3.61. 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.

Guggenheim have made an estimate for Sunpower Corp shares, keeping their opinion on the stock as Sell, with their previous recommendation back on February 16, 2024. While these analysts kept the previous recommendation, Susquehanna dropped their target price from $5.50 to $4. The new note on the price target was released on January 11, 2024, representing the official price target for Sunpower Corp stock. Previously, the target price had yet another drop from $6 to $4, while Wells Fargo kept a Underweight rating on SPWR stock.

The Average True Range (ATR) for Sunpower Corp is set at 0.34, with the Price to Sales ratio for SPWR stock in the period of the last 12 months amounting to 0.29. The Price to Book ratio for the last quarter was 1.14, with the Price to Cash per share for the same quarter was set at 0.51.

Trading performance analysis for SPWR stock

Sunpower Corp [SPWR] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.42. With this latest performance, SPWR shares dropped by -23.18% in over the last four-week period, additionally sinking by -58.46% over the last 6 months – not to mention a drop of -81.24% 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 38.24, with the RSI for the last a single of trading hit 33.18, and the three-weeks RSI is set at 40.75 for Sunpower Corp [SPWR]. The present Moving Average for the last 50 days of trading for this stock 3.45, while it was recorded at 2.92 for the last single week of trading, and 6.27 for the last 200 days.

Sunpower Corp [SPWR]: A deeper dive into fundamental analysis

Sunpower Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.64 and a Current Ratio set at 0.94.

Sunpower Corp [SPWR]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Sunpower Corp posted -0.07/share EPS, while the average EPS was predicted by analysts to be reported at -0.01/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -600.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SPWR.

An analysis of Institutional ownership at Sunpower Corp [SPWR]

The top three institutional holders of SPWR stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in SPWR stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in SPWR stock with ownership which is approximately 5.8325%.