StockNews.com Initiates Coverage on SunPower (NASDAQ:SPWR)

StockNews.com began coverage on shares of SunPower (NASDAQ:SPWR) in a research report released on Tuesday morning. The firm issued a sell rating on the semiconductor company’s stock.

Several other research analysts have also weighed in on SPWR. Mizuho lowered shares of SunPower from a neutral rating to an underperform rating and lowered their price objective for the stock from $4.00 to $0.50 in a research note on Friday, July 19th. The Goldman Sachs Group lowered their price target on SunPower from $2.00 to $0.50 and set a sell rating on the stock in a research report on Tuesday, July 23rd. Glj Research reaffirmed a sell rating and issued a $1.61 price objective on shares of SunPower in a research report on Tuesday, July 16th. Citigroup decreased their target price on SunPower from $2.50 to $0.25 and set a sell rating on the stock in a report on Friday, July 19th. Finally, Susquehanna cut their price target on SunPower from $3.00 to $2.50 and set a neutral rating for the company in a report on Monday, July 15th. Twelve equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat.com, SunPower has a consensus rating of Reduce and an average target price of $3.48.

SunPower Stock Performance

NASDAQ:SPWR opened at $0.12 on Tuesday. The stock has a market capitalization of $21.53 million, a PE ratio of -0.09 and a beta of 1.86. SunPower has a 1-year low of $0.09 and a 1-year high of $7.77. The firm has a fifty day simple moving average of $0.44 and a 200 day simple moving average of $1.93.

Institutional Investors Weigh In On SunPower

A number of large investors have recently added to or reduced their stakes in SPWR. Victory Capital Management Inc. lifted its position in shares of SunPower by 18.3% during the 4th quarter. Victory Capital Management Inc. now owns 44,956 shares of the semiconductor company’s stock valued at $217,000 after acquiring an additional 6,957 shares during the period. Wedmont Private Capital bought a new stake in SunPower during the first quarter worth about $30,000. CIBC Asset Management Inc acquired a new stake in SunPower during the second quarter worth about $38,000. First Trust Direct Indexing L.P. bought a new position in SunPower in the 1st quarter valued at about $46,000. Finally, Quantbot Technologies LP raised its position in shares of SunPower by 16.4% in the 1st quarter. Quantbot Technologies LP now owns 124,096 shares of the semiconductor company’s stock valued at $372,000 after buying an additional 17,464 shares in the last quarter. Institutional investors and hedge funds 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.