Scotiabank Cuts SunPower (NASDAQ:SPWR) Price Target to $4.00

SunPower (NASDAQ:SPWR) had its price objective decreased by Scotiabank from $6.00 to $4.00 in a report released on Monday, Benzinga reports. Scotiabank currently has a sector perform rating on the semiconductor company’s stock.

Several other research firms also recently weighed in on SPWR. Citigroup cut their price objective on SunPower from $3.00 to $2.50 and set a sell rating on the stock in a report on Thursday, March 28th. Mizuho cut their price target on SunPower from $5.00 to $4.00 and set a neutral rating on the stock in a research note on Friday, April 19th. Evercore ISI downgraded SunPower from an outperform rating to an inline rating and set a $6.00 price objective for the company. in a research note on Tuesday, April 23rd. Susquehanna cut their target price on shares of SunPower from $4.50 to $3.00 and set a neutral rating on the stock in a research report on Friday, April 5th. Finally, UBS Group upped their price target on shares of SunPower from $4.00 to $4.25 and gave the company a neutral rating in a research report on Friday, February 16th. Ten research analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $4.72.

SunPower Price Performance

SPWR stock opened at $2.16 on Monday. The firm has a 50-day moving average price of $2.74 and a 200-day moving average price of $3.70. SunPower has a 12 month low of $1.77 and a 12 month high of $13.41.

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

Institutional Investors Weigh In On SunPower

Hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC grew its position in shares of SunPower by 53.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 7,296 shares of the semiconductor company’s stock worth $45,000 after buying an additional 2,537 shares during the period. Oak Thistle LLC acquired a new stake in SunPower in the third quarter worth $72,000. Raymond James & Associates increased its stake in SunPower by 157.4% in the third quarter. Raymond James & Associates now owns 44,377 shares of the semiconductor company’s stock valued at $274,000 after purchasing an additional 27,136 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of SunPower by 16.4% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 45,252 shares of the semiconductor company’s stock valued at $279,000 after purchasing an additional 6,383 shares during the period. Finally, Brown Advisory Inc. raised its holdings in shares of SunPower by 20.0% during the third quarter. Brown Advisory Inc. now owns 18,014 shares of the semiconductor company’s stock valued at $111,000 after purchasing an additional 3,000 shares during the period. 47.36% of the stock is currently owned by 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.