SunPower (NASDAQ:SPWR) Given New $2.50 Price Target at Citigroup

SunPower (NASDAQ:SPWR) had its price target decreased by Citigroup from $3.00 to $2.50 in a research report released on Thursday morning, Benzinga reports. Citigroup currently has a sell rating on the semiconductor company’s stock.

Several other analysts have also recently weighed in on the stock. Jefferies Financial Group started coverage on shares of SunPower in a research note on Friday, December 15th. They set a hold rating and a $5.50 price objective on the stock. Mizuho dropped their price target on SunPower from $6.00 to $5.00 and set a neutral rating for the company in a report on Tuesday, January 30th. Truist Financial dropped their price target on SunPower from $5.00 to $3.50 and set a hold rating for the company in a report on Tuesday, January 23rd. Guggenheim cut SunPower from a neutral rating to a sell rating in a report on Friday, February 16th. Finally, Susquehanna raised their price target on SunPower from $4.00 to $4.50 and gave the company a neutral rating in a report on Friday, February 16th. Ten analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $5.33.

SunPower Trading Up 4.5 %

Shares of SPWR stock opened at $3.00 on Thursday. The company has a market capitalization of $526.08 million, a P/E ratio of -2.19 and a beta of 1.74. SunPower has a 12 month low of $2.49 and a 12 month high of $14.92. The stock has a 50 day moving average of $3.19 and a two-hundred day moving average of $4.32.

SunPower (NASDAQ:SPWR) last released its quarterly earnings data on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.24). SunPower had a negative return on equity of 40.95% and a negative net margin of 14.15%. The company had revenue of $356.91 million for the quarter, compared to analyst estimates of $364.58 million. Sell-side analysts predict that SunPower will post -0.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quadrature Capital Ltd acquired a new stake in shares of SunPower in the fourth quarter valued at about $762,000. Vanguard Group Inc. increased its position in shares of SunPower by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 9,640,772 shares of the semiconductor company’s stock valued at $46,565,000 after acquiring an additional 197,291 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of SunPower in the fourth quarter valued at about $294,000. Price T Rowe Associates Inc. MD increased its position in shares of SunPower by 38.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 63,082 shares of the semiconductor company’s stock valued at $305,000 after acquiring an additional 17,650 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of SunPower by 61.3% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 29,306 shares of the semiconductor company’s stock valued at $142,000 after acquiring an additional 11,139 shares during the last quarter. 47.36% of the stock is currently owned by institutional investors.

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.