Unusual Call Option Trade in SunPower (SPWR) Worth $42.81K

On April 4, 2023 at 10:29:18 ET an unusually large
$42.81K block of Call contracts in SunPower
(SPWR) was sold,
with a strike price of $15.00 / share, expiring in 17 days (on April 21, 2023).
Fintel tracks all large options trades, and the premium spent on this trade was 1.73 sigmas above the mean, placing it in the 95.09 percentile of all recent large trades made in SPWR options.

This trade was first picked up on Fintel’s real time Unusual Option Trades
tool, where unusual option trades are highlighted.

Analyst Price Forecast Suggests 40.06% Upside

As of March 30, 2023,
the average one-year price target for SunPower is $19.08.
The forecasts range from a low of $6.72 to a high of $28.35.
The average price target represents an increase of 40.06% from its latest reported closing price of $13.62.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for SunPower
is $2,040MM, an increase of 17.17%.

The projected annual non-GAAP EPS
is $0.64.

What is the Fund Sentiment?

There are 571 funds or institutions reporting positions in SunPower.

This is an increase
of
13
owner(s) or 2.33% in the last quarter.

Average portfolio weight of all funds dedicated to SPWR is 0.12%,
a decrease
of 24.59%.

Total shares owned by institutions increased
in the last three months by 2.50% to 69,721K shares.

The put/call ratio of SPWR is 0.41, indicating a

bullish
outlook.

What are Large Shareholders Doing?

Millennium Management
holds 4,705K shares

representing 2.69% ownership of the company.

In it’s prior filing, the firm reported owning 912K shares, representing
an increase
of 80.61%.

The firm

increased

its portfolio allocation in SPWR by 277.57% over the last quarter.

Invesco
holds 3,987K shares

representing 2.28% ownership of the company.

In it’s prior filing, the firm reported owning 3,541K shares, representing
an increase
of 11.19%.

The firm

decreased

its portfolio allocation in SPWR by 19.82% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares
holds 2,638K shares

representing 1.51% ownership of the company.

In it’s prior filing, the firm reported owning 2,589K shares, representing
an increase
of 1.86%.

The firm

decreased

its portfolio allocation in SPWR by 26.36% over the last quarter.

IJH – iShares Core S&P Mid-Cap ETF
holds 2,636K shares

representing 1.51% ownership of the company.

In it’s prior filing, the firm reported owning 2,483K shares, representing
an increase
of 5.79%.

The firm

decreased

its portfolio allocation in SPWR by 27.50% over the last quarter.

TAN – Invesco Solar ETF
holds 2,520K shares

representing 1.44% ownership of the company.

In it’s prior filing, the firm reported owning 3,041K shares, representing
a decrease
of 20.67%.

The firm

decreased

its portfolio allocation in SPWR by 12.88% over the last quarter.

Sunpower Background Information
(This description is provided by the company.)

Headquartered in California’sSilicon Valley, SunPower is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities.

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.