SunPower Co. (NASDAQ:SPWR) Receives Consensus Recommendation of “Reduce” from Brokerages

SunPower Co. (NASDAQ:SPWR) has been given a consensus recommendation of “Reduce” by the nineteen ratings firms that are covering the firm, Marketbeat reports. Nine equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $4.72.

Several analysts have recently weighed in on SPWR shares. UBS Group upped their price objective on SunPower from $4.00 to $4.25 and gave the company a “neutral” rating in a report on Friday, February 16th. Guggenheim downgraded SunPower from a “neutral” rating to a “sell” rating in a report on Friday, February 16th. Scotiabank dropped their price objective on shares of SunPower from $6.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Monday, April 29th. Evercore ISI downgraded SunPower from an “outperform” rating to an “inline” rating and set a $6.00 price target for the company. in a research note on Tuesday, April 23rd. Finally, Susquehanna reduced their price objective on shares of SunPower from $4.50 to $3.00 and set a “neutral” rating for the company in a research note on Friday, April 5th.

SunPower Stock Down 1.3 %

Shares of NASDAQ:SPWR opened at $2.33 on Friday. The company’s 50-day moving average price is $2.61 and its 200 day moving average price is $3.56. The company has a market cap of $408.59 million, a PE ratio of -1.70 and a beta of 1.80. SunPower has a fifty-two week low of $1.76 and a fifty-two week high of $12.18.

SunPower (NASDAQ:SPWR) last issued its quarterly earnings data on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.24). The company had revenue of $356.91 million for 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%. As a group, equities analysts anticipate that SunPower will post -0.74 EPS for the current year.

Institutional Trading of SunPower

Several institutional investors have recently modified their holdings of the company. Schroder Investment Management Group lifted its holdings in shares of SunPower by 18.8% during the third quarter. Schroder Investment Management Group now owns 8,082,152 shares of the semiconductor company’s stock valued at $49,867,000 after acquiring an additional 1,279,226 shares during the period. Federated Hermes Inc. raised its holdings in SunPower by 193.0% in the fourth quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock worth $8,250,000 after purchasing an additional 1,125,231 shares during the period. Invesco Ltd. lifted its holdings in SunPower by 12.7% during the third quarter. Invesco Ltd. now owns 4,726,404 shares of the semiconductor company’s stock worth $29,162,000 after acquiring an additional 531,800 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of SunPower during the 1st quarter valued at about $932,000. Finally, Bank of Nova Scotia acquired a new position in shares of SunPower in the third quarter valued at approximately $1,077,000. Institutional investors and hedge funds own 47.36% of the company’s stock.

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.