SunPower (NASDAQ:SPWR) Cut to Inline at Evercore ISI

Evercore ISI downgraded shares of SunPower (NASDAQ:SPWR) from an outperform rating to an inline rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has $6.00 price objective on the semiconductor company’s stock.

A number of other brokerages have also recently issued reports on SPWR. The Goldman Sachs Group dropped their target price on shares of SunPower from $4.00 to $2.50 and set a sell rating for the company in a research report on Monday, January 22nd. Wells Fargo & Company reaffirmed an underweight rating and set a $4.00 price objective (down previously from $6.00) on shares of SunPower in a report on Monday, January 8th. Truist Financial reduced 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. Citigroup dropped their price target on SunPower from $3.00 to $2.50 and set a sell rating for the company in a report on Thursday, March 28th. Finally, Raymond James downgraded SunPower from an outperform rating to a market perform rating in a research report on Thursday, January 4th. Ten research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Reduce and an average price target of $4.76.

SunPower Trading Up 5.9 %

SPWR stock opened at $1.99 on Tuesday. SunPower has a 1-year low of $1.77 and a 1-year high of $13.50. The business’s 50 day moving average is $2.77 and its 200-day moving average is $3.75. The firm has a market cap of $348.97 million, a P/E ratio of -1.45 and a beta of 1.73.

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

Institutional Investors Weigh In On SunPower

Institutional investors and hedge funds have recently modified their holdings of the business. Schroder Investment Management Group lifted its stake in SunPower by 18.8% in 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 buying an additional 1,279,226 shares during the period. Federated Hermes Inc. boosted its stake in SunPower by 193.0% during the 4th quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock worth $8,250,000 after acquiring an additional 1,125,231 shares during the last quarter. Invesco Ltd. grew 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 valued at $29,162,000 after purchasing an additional 531,800 shares during the period. SG Americas Securities LLC increased its stake in SunPower by 398.4% in the third quarter. SG Americas Securities LLC now owns 262,470 shares of the semiconductor company’s stock valued at $1,619,000 after purchasing an additional 209,811 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new stake in SunPower in the third quarter worth $1,077,000. 47.36% of the stock is 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.