SunPower's Q1 2024 Earnings Forecast Adjusted Down by Roth Capital

Roth Capital has revised its earnings projections for SunPower Co. (NASDAQ:SPWR), anticipating lower performance figures for the first quarter of 2024. In a report delivered to clients and investors on February 20th, analyst P. Shen of Roth Capital has adjusted the estimated earnings per share (EPS) for SunPower to a loss of ($0.19), a decrease from the previous forecast of a ($0.17) loss. The adjustment reflects a more conservative outlook for the semiconductor company’s upcoming quarterly results.

Comprehensive Analyst Coverage

Several analysts have recently weighed in on SunPower's stock, influencing market expectations. Significant adjustments include Goldman Sachs Group setting a "sell" rating with a reduced price target from $4.00 to $2.50, and Evercore ISI maintaining an "outperform" rating while lowering their price target from $7.00 to $6.00. Guggenheim shifted its view of SunPower from "neutral" to "sell", and Barclays cut its price target significantly from $6.00 to $2.50, also recommending "underweight".

Market Reactions and SunPower's Status

The stock's current status includes a variety of ratings issued by market analysts, with ten suggesting a "sell", eleven advising a "hold", and one offering a "buy" rating for the company's stock. The average target price based on these ratings stands at $6.16. As of now, SunPower's shares started at $3.18, with market capitalization at $557.64 million, a P/E ratio of -2.32, and showing a beta of 1.76. Moreover, there's an observed trend reflected in the moving averages with a 50-day simple moving average at $3.77 and a 200-day simple moving average at $5.06.

Institutional Interest in SunPower

There has been a notable shift in institutional investment with entities like International Assets Investment Management LLC, Avior Wealth Management LLC, Headlands Technologies LLC, PNC Financial Services Group Inc., and Exchange Traded Concepts LLC adjusting their holdings. These alterations signal a healthy trading activity among institutions, owning about 47.36% of the company's stock.

About the Company

SunPower Corporation specializes in solar technology and energy services, offering a suite of solar, storage, and home energy solutions across the United States and Canada. Focusing on residential applications, their systems, including Equinox and SunVault, provide integrated, pre-engineered solar solutions.

SunPower, Earnings, Estimates