Shares of SunPower Co. (NASDAQ:SPWR – Get Free Report) gapped down prior to trading on Thursday after Citigroup lowered their price target on the stock from $3.00 to $2.50. The stock had previously closed at $2.87, but opened at $2.81. Citigroup currently has a sell rating on the stock. SunPower shares last traded at $3.01, with a volume of 895,525 shares trading hands.
Other research analysts also recently issued research reports about the company. Truist Financial cut their price target on SunPower from $5.00 to $3.50 and set a “hold” rating on the stock in a research note on Tuesday, January 23rd. The Goldman Sachs Group lowered their price objective on shares of SunPower from $4.00 to $2.50 and set a “sell” rating for the company in a research report on Monday, January 22nd. StockNews.com upgraded shares of SunPower to a “sell” rating in a research report on Saturday, December 23rd. Jefferies Financial Group began coverage on shares of SunPower in a research report on Friday, December 15th. They issued a “hold” rating and a $5.50 price objective for the company. Finally, Wells Fargo & Company restated an “underweight” rating and issued a $4.00 price objective (down previously from $6.00) on shares of SunPower in a research report on Monday, January 8th. Ten investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $5.33.
Hedge Funds Weigh In On SunPower
Several hedge funds have recently modified their holdings of SPWR. International Assets Investment Management LLC lifted its stake in SunPower by 383.0% in the 4th quarter. International Assets Investment Management LLC now owns 5,366 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 4,255 shares during the last quarter. Avior Wealth Management LLC bought a new position in SunPower in the third quarter valued at approximately $31,000. PNC Financial Services Group Inc. increased its stake in SunPower by 86.3% in the second quarter. PNC Financial Services Group Inc. now owns 4,327 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 2,005 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in SunPower by 53.3% in the third quarter. Exchange Traded Concepts LLC now owns 7,296 shares of the semiconductor company’s stock valued at $45,000 after acquiring an additional 2,537 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new position in SunPower in the fourth quarter valued at approximately $49,000. Institutional investors own 47.36% of the company’s stock.
SunPower Stock Up 4.5 %
The business’s 50 day moving average is $3.19 and its 200-day moving average is $4.33. The firm has a market capitalization of $526.08 million, a P/E ratio of -2.16 and a beta of 1.74.
SunPower (NASDAQ:SPWR – Get Free Report) last posted its earnings results on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.24). The company had revenue of $356.91 million for the quarter, compared to the consensus estimate of $364.58 million. SunPower had a negative return on equity of 40.95% and a negative net margin of 14.15%. Research analysts forecast that SunPower Co. will post -0.74 EPS for the current fiscal year.
SunPower Company Profile
SunPower Corporation, a solar technology and energy services provider, offers solar, storage, and home energy solutions primarily in the United States and Canada. Its solutions include the Equinox and SunVault systems which are pre-engineered modular solutions for residential applications that combine solar module technology with integrated plug-and-play power stations, cable management systems, and mounting hardware that enable dealers and installers to complete system installations, as well as for end customers to manage their energy production.