Sunpower Corp (NASDAQ: SPWR): Getting A Free Pass?

Sunpower Corp (NASDAQ:SPWR) shares, rose in value, with the stock price up by 3.57% to the previous day’s close as strong demand from buyers drove the stock to $2.90.

Actively observing the price movement in the last trading, the stock closed the session at $2.80. The value of beta (5-year monthly) was 1.56. Referring to stock’s 52-week performance, its high was $14.92, and the low was $2.49. On the whole, SPWR has fluctuated by -10.77% over the past month.

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With the market capitalization of Sunpower Corp currently standing at about $508.89 million, investors are eagerly awaiting this quarter’s results, scheduled for May 01, 2024 – May 06, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.26, which is expected to increase to -$0.05 for fiscal year -$0.56 and then to about -$0.11 by fiscal year 2025. Data indicates that the EPS growth is expected to be 38.50% in 2025, while the next year’s EPS growth is forecast to be 80.40%.

Analysts have estimated the company’s revenue for the quarter at $333 million, with a low estimate of $252.8 million and a high estimate of $436.93 million. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $1.48 billion, representing a decrease of -12.40% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that SPWR’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of SPWR currently trading nearly 2.20% and -8.66% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 48.43, while the 7-day volatility ratio is showing 9.01% which for the 30-day chart, stands at 8.04%. Furthermore, Sunpower Corp (SPWR)’s beta value is 1.77, and its average true range (ATR) is 0.26.

A comparison of Sunpower Corp (SPWR) with its peers suggests the former has fared considerably weaker in the market. SPWR showed an intraday change of 3.57% in last session, and over the past year, it shrunk by -79.05%%.

Data on historical trading for Sunpower Corp (NASDAQ:SPWR) indicates that the trading volumes over the past 10 days have averaged 4.9 million and over the past 3 months, they’ve averaged 7.50 million. According to company’s latest data on outstanding shares, there are 175.48 million shares outstanding.

Nearly 70.81% of Sunpower Corp’s shares belong to company insiders and institutional investors own 46.72% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 42.54 million shares as on Mar 15, 2024, resulting in a short ratio of 5.51. According to the data, the short interest in Sunpower Corp (SPWR) stood at 24.24% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 36.54 million. The stock has fallen by -39.96% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the SPWR stock heading into the next quarter.