SunPower Corporation (NASDAQ:SPWR) shares are up substantially in early morning trading today along with the majority of the other companies making up the Solar Energy sector. It was recently revealed that a new bill has been introduced to Congress which would extend the 30% Investment Tax Credit for another 5 years. Such a bill would have major implications for potential clients of companies such as SunPower Corporation (NASDAQ:SPWR).
While the bill still needs to gain approval in the House, Senate and by President Barack Obama, if it is signed into law, much of the fear over the expiration of these sibsidies would be allayed. The stock is currently trading higher by 14.13% or $3.45 following the positive news, hitting $27.87 per share at the time of us publishing this article. About 143,770 shares traded hands. SPWR has declined 24.63% since May 13, 2015 and is downtrending. It has underperformed the S&P500 by 20.95%.
From a total of 3 analysts covering Sunpower Corporation (NYSE:SPWR) stock, 3 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $32 while the lowest target price is $31. The mean of all analyst targets is $31.50 which is 13.02% above today’s ($27.87) stock price. Sunpower Corporation was the topic of 3 analyst reports since September 9, 2015 according to the firm StockzIntelligence Inc. Macquarie Research initiated shares on November 6 with a “Outperform” rating. Oppenheimer initiated SPWR stock in a recent report from September 9 with a “Outperform” rating.
The institutional sentiment decreased to 1.23 in Q2 2015. It’s down 0.04, from 1.27 in 2015Q2. The ratio fall, as 27 funds sold all their SunPower Corporation shares they owned while 55 reduced their positions. 30 funds bought stakes while 71 increased their total positions. Institutions now own 38.48 million shares which is 7.38% less than the previous share count of 41.54 million in 2015Q2.
Ecofin Ltd holds 3.31% of its total portfolio in SunPower Corporation, equating to 859,520 shares. Quentec Asset Management Llc owns 678,304 shares representing 2.34% of their total US portfolio. Moreover, Hellman Jordan Management Co Inc Ma has 2.04% of their total portfolio invested in the company, equating to 411,897 shares. The Maryland-based Rothschild Capital Partners Llc has a total of 1.53% of their portfolio invested in the stock. Westend Capital Management Llc, a California-based fund reported 48,049 shares owned.
Since May 15, 2015, the stock had 0 insider purchases, and 4 sales for a total of $1.19 million in net activity. Wood Patrick Iii sold 30,000 shares worth $689,100. Bodensteiner Lisa Marie sold 4,800 shares worth $113,960. Branderiz Eric sold 2,369 shares worth $59,225. Werner Thomas H sold 25,000 shares worth $790,465. The insider Wenger Howard sold 44,000 shares worth $1.42M.
SunPower Corporation is a global energy company. The company has a market cap of $3.81 billion. The Firm provides design, manufacturing, installation, ongoing maintenance and monitoring and adjacent services. It has 78.22 P/E ratio. The Firm provides solar technology to residential, commercial and utility clients worldwide.