SunPower Corporation [SPWR] EVP and CFO makes an insider purchase of 25,000 shares worth 0.67 million.

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. SunPower Corporation shares valued at $665,668 were sold by Sial Manavendra on Aug 15. At $26.63 per share, Sial Manavendra sold 25,000 shares. The insider’s holdings dropped to 50,810 shares worth approximately $1.28 million following the completion of this transaction.

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Also, Richards Douglas J. sold 23,912 shares, netting a total of over 619,378 in proceeds. Following the sale of shares at $25.90 each, the insider now holds 23,909 shares.

Before that, Heang Vichheka had sold 14,000 shares from its account. In a trade valued at $349,338, the Principal Accounting Officer traded SunPower Corporation shares for $24.95 each. Upon closing the transaction, the insider’s holdings decreased to 14,000 shares, worth approximately $0.13 million.

As published in their initiating research note from Barclays on August 05, 2022, SunPower Corporation [SPWR] has been an Equal weight and the price target has been revised to $26. This represents a 3.15% premium over Thursday’s closing price. Analysts at Wells Fargo started covering the stock with ‘”an Underweight”‘ outlook in a report released in late June. As of June 21, 2022, Goldman has decreased its “Neutral” rating to a “Sell” for SPWR.

Analyzing SPWR’s Price Performance

On Thursday, SunPower Corporation [NASDAQ: SPWR] plunged -4.91% to $25.18. The stock’s lowest price that day was $24.95, but it reached a high of $26.59 in the same session. During the last five days, there has been a drop of approximately -5.02%. Over the course of the year, SunPower Corporation shares have jumped approximately 20.65%. Shares of the company reached a 52-week high of $28.42 on 09/12/22 and a 52-week low of $12.78 on 05/12/22. A 50-day SMA is recorded $23.30, while a 200-day SMA reached $19.71. Nevertheless, trading volume fell to 2.81 million shares from 2.75 million shares the previous day.

Support And Resistance Levels for SunPower Corporation (SPWR)

According to the 24-hour chart, there is a support level at 24.56, which, if violated, would cause prices to drop to 23.93. In the upper region, resistance lies at 26.20. The next price resistance is at 27.21. RSI (Relative Strength Index) is 48.68 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.46, which suggests the price will decrease in the coming days. Percent R is at 53.82%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is SunPower Corporation subject to short interest?

Stocks of SunPower Corporation saw a sharp steep in short interest on Jul 14, 2022 dropping by -1.12 million shares to 14.74 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 15.86 million shares. A decline of -7.6% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.28 of the overall float, the days-to-cover ratio (short ratio) decline to 5.28.

Which companies own the most shares of SunPower Corporation (SPWR)?

According to BlackRock Fund Advisors filings, the company currently owns 10,966,423 shares, which is about 6.30% of the total SPWR shares outstanding. The investor’s shares have appreciated by 974,489 from its previous 13-F filing of 9991934.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $191,245,464. SSgA Funds Management, Inc. reduced a -0.93% interest valued at $111.6 million while Invesco Capital Management LLC sold a -167,818 stake. A total of 755,825 shares of SunPower Corporation were sold by BlackRock Advisors during the quarter, and -250,142 were sold by D. E. Shaw & Co. LP. In its current portfolio, Geode Capital Management LLC holds 1,532,745 shares valued at $36.79 million.

In terms of SunPower Corporation share price expectations, FactSet research, analysts set an average price target of $23.82 in the next 12 months, down nearly -13.14% from the previous closing price of $26.48. Analysts anticipate SunPower Corporation stock to reach $31.00 by 2022, with the lowest price target being $18.00. In spite of this, 20 analysts ranked SunPower Corporation stock as a Hold at the end of 2022. On April 04, 2022, BofA Securities assigned a price target of “a Neutral” to the stock and upgraded coverage with a $23.


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