SunPower Corporation (NASDAQ:SPWR) is among the top losers of the stock market today, sinking -3.3% or (-0.4 points) to $11.73 from its previous close of $12.13. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 1226627 contracts so far this session. SPWR shares had a relatively better volume day versus average trading capacity of 2.2 million shares, but with a 62.43 million float and a 7.44% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for SPWR stock indicates that the average analyst price target is $7.36 per share. This means the stock has a potential decrease of -37.25% from where the SPWR share price has been trading recently which is between $11.861 and $12.61. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $3.5.
The shorts are climbing into SunPower Corporation (SPWR) stock. The latest set of short interest data was released on 28 June 2019, and the numbers show a rise in short interest in SPWR shares. While short interest still represents only 29.33% of SPWR’s float, the number of shares shorted have risen by 450429. The number of shares shorted advanced to 18760539 shares, up from 18310110 shares during the preceding fortnight. With average daily trading volumes at 3791801 shares, days to cover decreased to about 9.330292 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Solar Stock Signaling Strong Summer Ahead” and dated July 10, 2019.
During the recent trading session for SunPower Corporation (NASDAQ:SPWR), the company witnessed their stock rise $0.3 over a week and surge $3.81 from the price 20 days ago. When compared to their established 52-week high of $12.79, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/09/19. The recent low of $4.55 stood for a -8.29% since 12/24/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.31 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for SunPower Corporation, the two-week RSI stands at 67.79. This figure suggests that SPWR stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current SPWR readings is similarly very revealing as it has a stochastic reading of 77.14% at this stage. This figure means that SPWR share price today is being oversold.
Technical chart claims that SunPower Corporation (SPWR) would settle between $12.54/share to $12.95/share level. However, if the stock price goes below the $11.79 mark, then the market for SunPower Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $11.45 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.41. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Raymond James lowered their recommendation on shares of SPWR from Outperform to Mkt Perform in their opinion released on June 19. Goldman analysts bumped their rating on SunPower Corporation (NASDAQ:SPWR) stock from Neutral to Buy in a separate flash note issued to investors on June 18. Analysts at JP Morgan, made their first call for the equity with a Neutral recommendation, according to a research note that dated back to April 11.
SPWR equity has an average rating of 3.08, with the figure leaning towards a bullish end. 12 analysts who tracked the company were contacted by Reuters. Amongst them, 7 rated the stock as a hold while the remaining 5 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 2 analysts rated SunPower Corporation (NASDAQ:SPWR) as a buy or a strong buy while 3 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, SPWR stock price is currently trading at 73.07X forward 12-month Consensus EPS estimates, and its P/S ratio is 1.03 while for the average stock in the same group, the multiple is 5.91.
SunPower Corporation (SPWR)’s current-quarter revenues are projected to climb by nearly -0.28% to hit $445900, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 7.2% from $1.81 billion to a noteworthy $1.95 billion. At the other end of the current quarter income statement, SunPower Corporation is expected to see its adjusted earnings surge by roughly -300% to hit $-0.04 per share. For the fiscal year, SPWR’s earnings are projected to climb by roughly 48.61% to hit $-0.37 per share.