The stock of SunPower Corporation (NASDAQ:SPWR) is now priced at $11.35 and the shares are -0.3 points down or -2.58% lower compared to its previous closing price of $11.65. The stock had 2.757 million contracts set over the past session. SPWR shares’ daily volume is compared to its average trading volume at 4.066 million shares. However, it has a float of 80.47 million and although its performance was -4.3% over the week, it’s one to watch. Analysts have given the SPWR stock a yearly average price target of $8.59 per share. It means the stock’s downside potential is -24.32% with the SPWR share price recently placing at $11.22 to $11.71. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are climbing into the SunPower Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the SPWR shares have risen. Short interest in the stock represents just 31.61% of its float, but the volume has raised by 1155360. The volume of shorted shares rised to 25.441 million from 24.285 million shares over the last two weeks. The average intraday trading volume has been 3.74 million shares, which means that days to cover moved to roughly 6.802683.
In the last trading session, SunPower Corporation (NASDAQ:SPWR) dropped by -$0.51 over the week and gained $1.74 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $15.57. The stock recorded its established 52-week high on 09/19/19.
Since 03/16/20, the stock has traded to a low of $4.03 at 181.64%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.36. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, SunPower Corporation’s two-week RSI is 59.15. This suggests that the stock is neutral at the moment and that SPWR shares’ price movement remains stable. The stochastic readings are equally revealing at 73.41% meaning the SPWR share price is currently in oversold territory.
The technical chart shows that the SPWR stock will likely settle at between $11.63 and $11.92 per share. However, if the stock dips below $11.14, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.94.
Currently, the stock is trading in the green of MACD, with a reading of 0.05. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Cowen cut their recommendation for SPWR from Outperform to Market Perform in February 13 review while maintai their target price of $10. ROTH Capital analysts see the stock as a Neutral with a target price of $9 in a flash note released to investors on February 04 initiating covering the stock. Credit Suisse seeing the improvements upgraded the stock from Neutral to Outperform on August 01.
The average rating for the SPWR equity is 3.15 and is currently gathering a bearish momentum. Of 13 analysts tracking SunPower Corporation polled by Reuters, 7 rated SPWR as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 4 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands at 378.3 above the group’s average of 72.1. SunPower Corporation has its P/E ratio at 61, which means that the stock is currently trading at a premium relative to the 4.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for SunPower Corporation (NASDAQ:SPWR) will decrease by about -99.9%, which will see them reach $353 million. The company’s full-year revenues are, however, expected to diminish by about -7.54%, down from $1990 million to $1840 million. SPWR’s expected adjusted earnings should drop almost -514.29% to end up at -$0.29 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 134.48% to record -$0.68/share.