SunPower (NASDAQ:SPWR) Price Target Cut to $4.00 by Analysts at Mizuho

SunPower (NASDAQ:SPWR) had its target price cut by Mizuho from $5.00 to $4.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

Several other research firms have also recently weighed in on SPWR. Wells Fargo & Company reaffirmed an underweight rating and set a $4.00 price objective (down from $6.00) on shares of SunPower in a research report on Monday, January 8th. Evercore ISI reduced their price objective on SunPower from $7.00 to $6.00 and set an outperform rating for the company in a research report on Tuesday, February 20th. Susquehanna dropped their target price on SunPower from $4.50 to $3.00 and set a neutral rating on the stock in a report on Friday, April 5th. Truist Financial dropped their target price on SunPower from $5.00 to $3.50 and set a hold rating on the stock in a report on Tuesday, January 23rd. Finally, Guggenheim lowered SunPower from a neutral rating to a sell rating in a report on Friday, February 16th. Ten research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $4.76.

SunPower Trading Down 2.2 %

NASDAQ:SPWR opened at $2.21 on Friday. SunPower has a 1 year low of $2.17 and a 1 year high of $14.49. The stock has a market cap of $387.55 million, a price-to-earnings ratio of -1.61 and a beta of 1.73. The stock has a 50-day moving average price of $2.97 and a two-hundred day moving average price of $3.87.

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

Hedge Funds Weigh In On SunPower

A number of large investors have recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV increased its stake in shares of SunPower by 3.2% during the third 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 during the period. Commonwealth Equity Services LLC increased its stake in shares of SunPower by 6.3% during the third 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 during the period. Toroso Investments LLC increased its stake in shares of SunPower by 24.7% during the third quarter. Toroso Investments LLC now owns 5,077 shares of the semiconductor company’s stock worth $117,000 after purchasing an additional 1,007 shares during the period. Prudential Financial Inc. increased its stake in shares of SunPower by 11.4% during the second quarter. Prudential Financial Inc. now owns 10,818 shares of the semiconductor company’s stock worth $164,000 after purchasing an additional 1,103 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of SunPower by 0.5% during the fourth quarter. Alliancebernstein L.P. now owns 212,391 shares of the semiconductor company’s stock worth $3,829,000 after purchasing an additional 1,125 shares during the period. Institutional investors own 47.36% of the company’s stock.

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.