SunPower (NASDAQ:SPWR) Shares Down 2.3%

Shares of SunPower Co. (NASDAQ:SPWR) traded down 2.3% during mid-day trading on Friday . The stock traded as low as $2.94 and last traded at $2.96. 415,447 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 9,077,629 shares. The stock had previously closed at $3.03.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Scotiabank lowered their price target 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. The Goldman Sachs Group lowered their price objective on shares of SunPower from $2.25 to $2.00 and set a “sell” rating on the stock in a research note on Wednesday, June 5th. Evercore ISI lowered shares of SunPower from an “outperform” rating to an “inline” rating and set a $6.00 price objective on the stock. in a research note on Tuesday, April 23rd. Susquehanna lowered their price objective on shares of SunPower from $4.50 to $3.00 and set a “neutral” rating on the stock in a research note on Friday, April 5th. Finally, Wolfe Research lowered shares of SunPower from a “peer perform” rating to an “underperform” rating and set a $2.00 price objective on the stock. in a research note on Wednesday, May 15th. Eleven investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, SunPower has a consensus rating of “Reduce” and a consensus price target of $4.56.

SunPower Stock Performance

The company’s 50 day moving average is $2.77 and its 200-day moving average is $3.22.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of SunPower by 0.5% in the first quarter. Vanguard Group Inc. now owns 9,685,251 shares of the semiconductor company’s stock valued at $29,056,000 after buying an additional 44,479 shares in the last quarter. Schroder Investment Management Group lifted its stake in shares of 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 in the last quarter. Invesco Ltd. lifted its stake in shares of SunPower by 12.7% in the third quarter. Invesco Ltd. now owns 4,726,404 shares of the semiconductor company’s stock valued at $29,162,000 after buying an additional 531,800 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of SunPower by 193.0% in the fourth quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock valued at $8,250,000 after purchasing an additional 1,125,231 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of SunPower by 5.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 681,079 shares of the semiconductor company’s stock valued at $4,202,000 after purchasing an additional 33,270 shares during the last quarter. 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.