SunPower (NASDAQ:SPWR) Shares Up 15.3%

SunPower Co. (NASDAQ:SPWR) shot up 15.3% during trading on Wednesday . The stock traded as high as $2.88 and last traded at $2.87. 3,618,466 shares traded hands during trading, a decline of 52% from the average session volume of 7,528,050 shares. The stock had previously closed at $2.49.

Analyst Ratings Changes

Several research firms have commented on SPWR. Truist Financial dropped their price objective on shares of SunPower from $5.00 to $3.50 and set a “hold” rating for the company in a research note on Tuesday, January 23rd. Mizuho lowered their target price on shares of SunPower from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, January 30th. StockNews.com upgraded SunPower to a “sell” rating in a report on Saturday, December 23rd. Raymond James downgraded SunPower from an “outperform” rating to a “market perform” rating in a report on Thursday, January 4th. Finally, Wells Fargo & Company restated an “underweight” rating and issued a $4.00 price objective (down from $6.00) on shares of SunPower in a report on Monday, January 8th. Ten equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.33.

SunPower Stock Performance

The stock has a 50-day moving average price of $3.19 and a 200 day moving average price of $4.32.

SunPower (NASDAQ:SPWR) last announced its quarterly earnings data on Thursday, February 15th. The semiconductor company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates 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. Research analysts predict that SunPower Co. will post -0.74 EPS for the current year.

Institutional Investors Weigh In On SunPower

Several institutional investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV lifted its stake in 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 last quarter. Commonwealth Equity Services LLC lifted its stake in SunPower by 6.3% in the third quarter. Commonwealth Equity Services LLC now owns 13,966 shares of the semiconductor company’s stock valued at $321,000 after buying an additional 823 shares during the last quarter. Toroso Investments LLC lifted its stake in SunPower by 24.7% in the third quarter. Toroso Investments LLC now owns 5,077 shares of the semiconductor company’s stock valued at $117,000 after buying an additional 1,007 shares during the last quarter. Prudential Financial Inc. lifted its stake in SunPower by 11.4% in the second quarter. Prudential Financial Inc. now owns 10,818 shares of the semiconductor company’s stock valued at $164,000 after buying an additional 1,103 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in SunPower by 0.5% in the fourth quarter. Alliancebernstein L.P. now owns 212,391 shares of the semiconductor company’s stock valued at $3,829,000 after buying an additional 1,125 shares during the last quarter. Hedge funds and other 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.