SunPower (NASDAQ:SPWR) Coverage Initiated at Truist


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Equities researchers at Truist started coverage on shares of SunPower (NASDAQ:SPWR) in a note issued to investors on Tuesday, The Fly reports. The firm set a “hold” rating and a $31.00 price target on the semiconductor company’s stock. Truist’s price objective suggests a potential downside of 1.87% from the stock’s previous close.

Several other equities research analysts have also weighed in on SPWR. Morgan Stanley increased their price objective on shares of SunPower from $10.50 to $11.50 and gave the stock an “equal weight” rating in a research note on Tuesday, October 20th. Credit Suisse Group cut SunPower from an “outperform” rating to a “neutral” rating and increased their price target for the stock from $12.00 to $16.00 in a research report on Monday, October 26th. BidaskClub lowered SunPower from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, December 30th. Barclays increased their target price on SunPower from $5.00 to $9.00 and gave the stock an “underweight” rating in a research report on Thursday, October 29th. Finally, JPMorgan Chase & Co. boosted their price target on shares of SunPower from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, December 9th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $18.15.

Shares of SPWR opened at $31.59 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 12.46. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of 1,580.29 and a beta of 2.22. SunPower has a 52 week low of $4.03 and a 52 week high of $32.86. The stock has a 50 day moving average of $25.26 and a 200-day moving average of $16.16.

SunPower (NASDAQ:SPWR) last released its earnings results on Wednesday, October 28th. The semiconductor company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.10. The business had revenue of $274.81 million for the quarter, compared to the consensus estimate of $232.86 million. On average, sell-side analysts predict that SunPower will post -0.59 earnings per share for the current fiscal year.

In related news, EVP Kenneth Lawrence Mahaffey sold 8,579 shares of the business’s stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $15.54, for a total value of $133,317.66. Following the sale, the executive vice president now directly owns 75,973 shares in the company, valued at approximately $1,180,620.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Douglas J. Richards sold 69,262 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $16.21, for a total transaction of $1,122,737.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 386,802 shares of company stock worth $6,330,702. 1.11% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. California Public Employees Retirement System boosted its holdings in shares of SunPower by 29.1% in the second quarter. California Public Employees Retirement System now owns 169,238 shares of the semiconductor company’s stock worth $1,296,000 after buying an additional 38,194 shares during the period. American International Group Inc. lifted its position in shares of SunPower by 6.6% in the 2nd quarter. American International Group Inc. now owns 46,793 shares of the semiconductor company’s stock valued at $358,000 after acquiring an additional 2,892 shares in the last quarter. Bank of Montreal Can boosted its stake in SunPower by 35.3% in the 2nd quarter. Bank of Montreal Can now owns 22,368 shares of the semiconductor company’s stock worth $219,000 after purchasing an additional 5,835 shares during the period. Baird Financial Group Inc. purchased a new position in SunPower during the 2nd quarter worth approximately $1,359,000. Finally, Point72 Hong Kong Ltd raised its stake in SunPower by 1,368.1% during the 2nd quarter. Point72 Hong Kong Ltd now owns 11,613 shares of the semiconductor company’s stock valued at $89,000 after purchasing an additional 10,822 shares during the period. 39.29% of the stock is currently owned by hedge funds and other institutional investors.

About SunPower

SunPower Corporation delivers solar solutions worldwide. It operates through SunPower Energy Services and SunPower Technologies segments. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors. It also offers commercial rooftop and ground-mounted solar power systems, and residential mounting systems.

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