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

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

A number of other equities analysts have also weighed in on SPWR. The Goldman Sachs Group decreased their price target on SunPower from $4.00 to $2.50 and set a sell rating for the company in a research report on Monday, January 22nd. Raymond James lowered SunPower from an outperform rating to a market perform rating in a research report on Thursday, January 4th. UBS Group raised their price objective on SunPower from $4.00 to $4.25 and gave the stock a neutral rating in a research report on Friday, February 16th. Citigroup decreased their price objective on SunPower from $3.00 to $2.50 and set a sell rating for the company in a research report on Thursday, March 28th. Finally, Susquehanna decreased their price objective on SunPower from $4.50 to $3.00 and set a neutral rating for the company in a research report on Friday, April 5th. Ten analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $4.72.

SunPower Stock Up 1.0 %

NASDAQ:SPWR opened at $2.08 on Monday. SunPower has a 1-year low of $1.76 and a 1-year high of $12.79. The firm has a market capitalization of $364.75 million, a price-to-earnings ratio of -1.64 and a beta of 1.73. The stock has a fifty day simple moving average of $2.71 and a 200 day simple moving average of $3.68.

SunPower (NASDAQ:SPWR) last released its quarterly earnings results 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). 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. Equities analysts predict that SunPower will post -0.74 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC raised its stake in shares of SunPower by 383.0% in the 4th quarter. International Assets Investment Management LLC now owns 5,366 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 4,255 shares in the last quarter. Wedmont Private Capital bought a new position in shares of SunPower in the 1st quarter valued at approximately $30,000. Exchange Traded Concepts LLC raised its stake in shares of SunPower by 53.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 7,296 shares of the semiconductor company’s stock valued at $45,000 after acquiring an additional 2,537 shares in the last quarter. First Trust Direct Indexing L.P. bought a new position in shares of SunPower in the 1st quarter valued at approximately $46,000. Finally, New Mexico Educational Retirement Board bought a new position in shares of SunPower in the 1st quarter valued at approximately $51,000. 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.