SunPower Co. (NASDAQ:SPWR – Get Free Report) shares fell 2.8% during trading on Wednesday after Truist Financial lowered their price target on the stock from $5.00 to $3.50. Truist Financial currently has a hold rating on the stock. SunPower traded as low as $3.42 and last traded at $3.45. 1,677,683 shares changed hands during trading, a decline of 79% from the average session volume of 7,916,258 shares. The stock had previously closed at $3.55.
SPWR has been the subject of several other reports. Susquehanna downgraded shares of SunPower from a “positive” rating to a “neutral” rating and decreased their target price for the stock from $5.50 to $4.00 in a research report on Thursday, January 11th. Wells Fargo & Company reissued an “underweight” rating and issued a $4.00 target price (down from $6.00) on shares of SunPower in a research report on Monday, January 8th. Piper Sandler decreased their price objective on shares of SunPower from $7.00 to $5.00 and set a “neutral” rating for the company in a report on Friday, October 13th. BNP Paribas began coverage on shares of SunPower in a report on Friday, October 20th. They set an “underperform” rating and a $4.00 price objective for the company. Finally, Mizuho upped their price objective on shares of SunPower from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Wednesday, January 3rd. Nine equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.50.
Institutional Investors Weigh In On SunPower
A number of hedge funds have recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV increased its position in shares of SunPower by 3.2% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 24,881 shares of the semiconductor company’s stock worth $573,000 after purchasing an additional 782 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of SunPower by 6.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 13,966 shares of the semiconductor company’s stock worth $321,000 after purchasing an additional 823 shares in the last quarter. Toroso Investments LLC grew its holdings in SunPower by 24.7% during the 3rd quarter. Toroso Investments LLC now owns 5,077 shares of the semiconductor company’s stock worth $117,000 after acquiring an additional 1,007 shares during the last quarter. Prudential Financial Inc. grew its holdings in SunPower by 11.4% during the 2nd quarter. Prudential Financial Inc. now owns 10,818 shares of the semiconductor company’s stock worth $164,000 after acquiring an additional 1,103 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in SunPower by 0.5% during the 4th quarter. Alliancebernstein L.P. now owns 212,391 shares of the semiconductor company’s stock worth $3,829,000 after acquiring an additional 1,125 shares during the last quarter. Institutional investors and hedge funds own 47.36% of the company’s stock.
SunPower Trading Down 3.9 %
The business’s fifty day simple moving average is $4.33 and its 200 day simple moving average is $6.06. The stock has a market cap of $597.98 million, a P/E ratio of -5.73 and a beta of 1.78.
SunPower (NASDAQ:SPWR – Get Free Report) last issued its earnings results on Wednesday, November 1st. The semiconductor company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.09). The business had revenue of $432.00 million during the quarter, compared to the consensus estimate of $429.64 million. SunPower had a negative net margin of 5.89% and a negative return on equity of 11.97%. On average, analysts predict that SunPower Co. will post -0.76 earnings per share for the current fiscal year.
About SunPower
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.