Why SunPower Corp.'s Shares Plunged 21% Today
Shares of solar manufacturer SunPower Corp. (NASDAQ: SPWR) fellen as much as 20.8% in trading Wednesday morning after the company reporting second quarter earnings. At 11:55 a.m. EDT shares were trading at their low for the day, and didn't look they'd be recovering much anytime soon.
Oddly enough, SunPower beat its own guidance on every major metric. Most notably, GAAP revenue was $337.4 million, ahead of the $275 million to $325 million guidance range, and adjusted EBITDA was $13.5 million, well better than what was forecast by management -- a range of breakeven to a $25 million loss. Margins were up, demand was strong, and the company even said it expects to sell all the solar panels it can make in 2017.
Image source: SunPower.
Source: Fool.com
Sunpower Corp. Stock
Our community is currently low on Sunpower Corp. with 9 Buy predictions and 13 Sell predictions.
However, we have a potential of 165.49% for Sunpower Corp. as the target price of 6 € is above the current price of 2.26 €.
