SunPower Corporation (SPWR) Becoming More Attractive for Investors

SunPower Corporation’s recent filing unveils that its President and CEO Faricy Peter acquired Company’s shares for reported $99686.0 on Mar 16. In the deal valued at $13.29 per share,7,500 shares were bought. As a result of this transaction, Faricy Peter now holds 177,458 shares worth roughly $ 1.29 million.

Then, Heang Vichheka sold 3,500 shares, generating $77,042 in total proceeds. Upon selling the shares at $22.01, the Principal Accounting Officer now owns 3,181 shares.

Robert W. Baird downgraded its SunPower Corporation [SPWR] rating to a Neutral from a an Outperform in a research note published on Friday, July 27, 2023; the price target was decreased to $12 from $24. PT values the company’s stock at a premium of 39.25 to its Friday closing price.

Price Performance Review of SPWR

On Friday, SunPower Corporation [NASDAQ:SPWR] saw its stock jump 1.82% to $7.29. On the same session, the stock had its day’s lowest price of $7.26, but rose to a high of $7.49. Over the last five days, the stock has gained 4.89%. SunPower Corporation shares have fallen nearly -59.57% since the year began. Nevertheless, the stocks have fallen -69.62% over the past one year. While a 52-week high of $28.42 was reached on 01/18/23, a 52-week low of $6.79 was recorded on 08/29/23. SMA at 50 days reached $9.05, while 200 days put it at $13.95. A total of 3.01 million shares were traded, compared to the trading of 2.75 million shares in the previous session.

Levels Of Support And Resistance For SPWR Stock

The 24-hour chart illustrates a support level at 7.20, which if violated will result in even more drops to 7.12. On the upside, there is a resistance level at 7.43. A further resistance level may holdings at 7.58. The Relative Strength Index (RSI) on the 14-day chart is 37.35, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.00, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 60.63%. Stochastics %K at 31.59% indicates the stock is a holding.

How much short interest is there in SunPower Corporation?

A steep rise in short interest was recorded in SunPower Corporation stocks on Aug 14, 2023, growing by 2.16 million shares to a total of 26.52 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 24.36 million shares. There was a rise of 8.14%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 30.59% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.34.

SunPower Corporation [SPWR] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 15,839,171 shares, or roughly 9.05% of the outstanding SPWR shares. In other words, the investor’s shares have risen by 3,994,379 from its previous 13-F filing of 11844792.0. Additionally, The Vanguard Group, Inc. increased 8.78% of its stake after which the total value it holdings stand at $89,391,346, while Schroder Investment Management Lt added 87.25% of its stake to hold $66.86 million in the firm. Over the last quarter, Invesco Capital Management LLC sold -239,914 shares of SunPower Corporation, while SSgA Funds Management, Inc. sold 415,732 shares. At present, Millennium Management LLC is holding 2,411,207 shares valued at $23.8 million. BlackRock Advisors owned 2,378,530 shares of the company at the time of its most recent 13F filing, worth $23.48 million.

According to FactSet, SunPower Corporation’s share price will average $10.93 in the next year, based on opinions of analysts polled by the firm. This is up nearly 39.66 percent from its previous closing price of $7.16. Analysts expect SunPower Corporation stock to reach the higher price of $17.00, while the lowest price estimate is $7.00. However, 27 analysts have rated SPWR stock as a Hold in their predictions for 2023.