Yahoo Finance SunPower (SPWR) Stock Sinks As Market Gains: Here's Why
SunPower (SPWR) closed at $3.34 in the latest trading session, marking a -1.91% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.8%. Meanwhile, the Dow experienced a rise of 1.51%, and the technology-dominated Nasdaq saw a decrease of 0.01%.
Shares of the solar products and services company witnessed a gain of 56.19% over the previous month, beating the performance of the Oils-Energy sector with its loss of 0.72% and the S&P 500's gain of 4.14%.
Market participants will be closely following the financial results of SunPower in its upcoming release. The company's upcoming EPS is projected at -$0.26, signifying a 271.43% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $318.7 million, down 27.71% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.61 per share and revenue of $1.44 billion, indicating changes of +32.97% and -15.12%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for SunPower. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. SunPower currently has a Zacks Rank of #3 (Hold).
The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 218, positioning it in the bottom 14% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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SunPower Corporation (SPWR) : Free Stock Analysis Report
