Bank of Nova Scotia Invests $726,000 in SunPower Co. (NASDAQ:SPWR)

Bank of Nova Scotia acquired a new position in SunPower Co. (NASDAQ:SPWRGet Rating) in the 2nd quarter, Holdings Channel reports. The firm acquired 45,910 shares of the semiconductor company’s stock, valued at approximately $726,000.

Several other institutional investors and hedge funds have also bought and sold shares of SPWR. Goldman Sachs Group Inc. increased its position in shares of SunPower by 203.3% during the first quarter. Goldman Sachs Group Inc. now owns 762,502 shares of the semiconductor company’s stock valued at $16,379,000 after acquiring an additional 511,085 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in SunPower in the second quarter worth approximately $10,623,000. Renaissance Technologies LLC purchased a new stake in SunPower in the first quarter worth approximately $15,318,000. Green Alpha Advisors LLC boosted its holdings in SunPower by 523.6% in the second quarter. Green Alpha Advisors LLC now owns 606,538 shares of the semiconductor company’s stock worth $9,589,000 after purchasing an additional 509,275 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in SunPower by 2.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 596,789 shares of the semiconductor company’s stock worth $12,820,000 after purchasing an additional 15,220 shares during the last quarter. 36.61% of the stock is currently owned by hedge funds and other institutional investors.

SunPower Stock Performance

Shares of NASDAQ SPWR opened at $23.21 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.06 and a current ratio of 1.31. The company has a market cap of $4.04 billion, a P/E ratio of 70.34 and a beta of 1.75. The firm’s fifty day moving average is $21.33 and its two-hundred day moving average is $20.10. SunPower Co. has a 52-week low of $12.78 and a 52-week high of $32.20.

Wall Street Analyst Weigh In

SPWR has been the topic of several research reports. Credit Suisse Group upgraded shares of SunPower from an “underperform” rating to a “neutral” rating and dropped their target price for the stock from $21.00 to $17.00 in a report on Thursday, November 10th. JPMorgan Chase & Co. dropped their price target on shares of SunPower from $25.00 to $22.00 and set an “underweight” rating on the stock in a research note on Thursday, October 20th. Bank of America cut shares of SunPower from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $22.00 to $18.00 in a research note on Tuesday, October 11th. Evercore ISI lifted their price target on shares of SunPower to $32.00 in a research note on Tuesday, November 15th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of SunPower in a research note on Monday, November 14th. They set a “hold” rating and a $16.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, SunPower currently has an average rating of “Hold” and an average price target of $21.79.

SunPower Company Profile

(Get Rating)

SunPower Corporation, a solar technology and energy services provider, offers solar, storage, and home energy solutions to customers primarily in the United States and Canada. It operates through Residential, Light Commercial; Commercial and Industrial Solutions; and Others segments. The company provides solar, storage, and home energy solutions and components through a combination of its third-party installing and non-installing dealer network and resellers, as well as in-house sales team; and turn-key engineering, procurement, and construction services and sale of energy under power purchase agreements.

See Also

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Institutional Ownership by Quarter for SunPower (NASDAQ:SPWR)

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