SunPower (NASDAQ:SPWR) Trading Down 3.6%

SunPower Co. (NASDAQ:SPWR)’s stock price dropped 3.6% during mid-day trading on Wednesday . The stock traded as low as $7.02 and last traded at $7.03. Approximately 370,615 shares were traded during trading, a decline of 93% from the average daily volume of 5,073,777 shares. The stock had previously closed at $7.29.

Wall Street Analyst Weigh In

SPWR has been the subject of several analyst reports. Evercore ISI lowered their target price on SunPower from $22.00 to $13.00 and set an “outperform” rating for the company in a research report on Wednesday, July 26th. Raymond James lowered their target price on SunPower from $21.00 to $17.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 27th. Barclays cut their target price on SunPower from $11.00 to $9.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 2nd. Bank of America downgraded SunPower from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $11.00 to $7.00 in a report on Wednesday, July 26th. Finally, JPMorgan Chase & Co. reduced their target price on SunPower from $16.00 to $13.00 in a research note on Wednesday, July 19th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $14.25.

SunPower Price Performance

The company has a current ratio of 1.64, a quick ratio of 0.98 and a debt-to-equity ratio of 0.64. The company has a market cap of $1.28 billion, a P/E ratio of 24.27 and a beta of 1.89. The business’s fifty day moving average is $8.53 and its 200 day moving average is $10.93.

SunPower (NASDAQ:SPWR) last released its quarterly earnings data on Tuesday, August 1st. The semiconductor company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.11). SunPower had a net margin of 3.37% and a negative return on equity of 2.67%. The business had revenue of $463.85 million during the quarter, compared to analysts’ expectations of $462.85 million. As a group, sell-side analysts anticipate that SunPower Co. will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. New Mexico Educational Retirement Board grew its stake in SunPower by 18.3% in the 1st quarter. New Mexico Educational Retirement Board now owns 15,500 shares of the semiconductor company’s stock valued at $215,000 after buying an additional 2,400 shares in the last quarter. Texas Permanent School Fund Corp grew its stake in SunPower by 33.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 76,542 shares of the semiconductor company’s stock valued at $1,059,000 after buying an additional 19,162 shares in the last quarter. NorthCrest Asset Manangement LLC grew its position in shares of SunPower by 11.1% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 25,660 shares of the semiconductor company’s stock valued at $355,000 after purchasing an additional 2,560 shares in the last quarter. AXS Investments LLC purchased a new position in shares of SunPower during the 1st quarter valued at $38,000. Finally, Banco Bilbao Vizcaya Argentaria S.A. grew its position in shares of SunPower by 64.7% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 31,148 shares of the semiconductor company’s stock valued at $560,000 after purchasing an additional 12,235 shares in the last quarter. 47.36% of the stock is currently owned by hedge funds and other institutional investors.

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.