Could SunPower Corporation Change Direction After This Double Bottom Chart Pattern

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The chart of SunPower Corporation (SPWR) shows a double bottom with $20.47 target or 5.00% below today’s $21.55 share price. The 9 months chart pattern indicates high risk for the $3.06B company. It was reported on Dec, 12 by If the $20.47 price target is reached, the company will be worth $153.00M less. Double bottoms are rare but powerful chart patterns. The stock is up 0.09% or $0.02 after the news, hitting $21.55 per share. About 1.80M shares traded hands or 5.26% up from the average. SunPower Corporation (NASDAQ:SPWR) has declined 31.23% since May 8, 2015 and is downtrending. It has underperformed by 28.22% the S&P500.

Out of 14 analysts covering SunPower (NASDAQ:SPWR), 12 rate it “Buy”, 0 “Sell”, while 3 “Hold”. This means 80% are positive. $45 is the highest target while $23 is the lowest. The $35.37 average target is 59.63% above today’s ($21.55) stock price. SunPower was the topic in 7 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Macquarie Research initiated the stock on November 6 with “Outperform” rating.

According to Zacks Investment Research, “SunPower Corp. designs and manufactures high-efficiency silicon solar cells and solar panels based on an all-back contact cell design. SunPower’s solar cells and panels generate electricity from sunlight for residential, commercial and remote power applications. Its proprietary all back contact silicon solar cell technology produces more power per square foot compared to conventional solar cells.” Get a free copy of the Zacks research report on SunPower Corporation (SPWR).

The institutional sentiment decreased to 1.23 in 2015 Q3. Its down 0.04, from 1.27 in 2015Q2. The ratio dropped, as 27 funds sold all SunPower Corporation shares owned while 55 reduced positions. 30 funds bought stakes while 71 increased positions. They now own 38.48 million shares or 7.38% less from 41.54 million shares in 2015Q2.

Ecofin Ltd holds 3.31% of its portfolio in SunPower Corporation for 859,520 shares. Quentec Asset Management Llc owns 678,304 shares or 2.34% of their US portfolio. Moreover, Hellman Jordan Management Co Inc Ma has 2.04% invested in the company for 411,897 shares. The Maryland-based Rothschild Capital Partners Llc has invested 1.53% in the stock. Westend Capital Management Llc, a California-based fund reported 48,049 shares.

Since May 15, 2015, the stock had 0 insider buys, and 4 sales for $1.19 million 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.

More notable recent SunPower Corporation (NASDAQ:SPWR) news were published by: which released: “Canadian Solar Inc., SunPower Corporation Hit By Sector Headwinds” on December 10, 2015, also with their article: “Why SunPower Corporation’s Shares Dropped in November” published on December 08, 2015, published: “Why SunPower Corporation (SPWR), Costco Wholesale Corporation (COST) and Yahoo …” on December 09, 2015. More interesting news about SunPower Corporation (NASDAQ:SPWR) were released by: and their article: “SunPower Corporation Moving Into Low-Cost Solar” published on November 18, 2015 as well as‘s news article titled: “SunPower Corporation (SPWR) Earnings Likely To Escalate By 2020: Here’s Why” with publication date: November 16, 2015.

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