SunPower (NASDAQ:SPWR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “SunPower is gradually shifting its revenue base from solar panel sales to the development of solar projects, power plants and engineering, procurement and construction (EPC) systems. Meanwhile, it remains committed to provide high-performance solar power products to its customers. In the overseas, the company has plans to build six projects in many regions in Mexico with expected delivery dates of 2018 and 2019, and gross margin above 20%. However, rising cost is a major headwind for SunPower, given the constant need to come up with new and innovative technology. Moreover the company underperformed the broader industry in past one year. Also the repealing of the Clean Power Plan is expected to weigh heavily on solar power companies like SunPower.”
Other research analysts have also recently issued research reports about the stock. Robert W. Baird upgraded shares of SunPower from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $7.00 to $10.00 in a report on Monday, December 11th. Cowen restated a “buy” rating and issued a $12.00 target price on shares of SunPower in a report on Sunday, September 17th. BidaskClub upgraded shares of SunPower from a “hold” rating to a “buy” rating in a report on Tuesday, December 19th. Bank of America began coverage on shares of SunPower in a report on Saturday, December 30th. They issued a “neutral” rating on the stock. Finally, ValuEngine cut shares of SunPower from a “hold” rating to a “sell” rating in a report on Friday, September 22nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $9.85.
Shares of SunPower (SPWR) traded down $0.14 during trading on Tuesday, hitting $8.83. 2,362,700 shares of the stock traded hands, compared to its average volume of 2,331,100. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.41 and a quick ratio of 1.02. SunPower has a 1 year low of $5.84 and a 1 year high of $11.70. The company has a market capitalization of $1,200.00, a PE ratio of -2.20 and a beta of 3.16.
SunPower (NASDAQ:SPWR) last issued its earnings results on Thursday, November 2nd. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.60. SunPower had a negative net margin of 24.91% and a negative return on equity of 20.81%. The firm had revenue of $477.20 million for the quarter, compared to analysts’ expectations of $383.76 million. During the same quarter last year, the business earned $0.68 earnings per share. The business’s revenue was down 34.6% on a year-over-year basis. analysts forecast that SunPower will post -0.77 earnings per share for the current year.
In related news, Director Catherine A. Lesjak sold 23,632 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $7.50, for a total value of $177,240.00. Following the completion of the sale, the director now owns 55,924 shares of the company’s stock, valued at $419,430. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.92% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Cortland Associates Inc. MO purchased a new position in SunPower during the third quarter valued at $109,000. Oppenheimer & Co. Inc. purchased a new position in SunPower during the third quarter valued at $112,000. HighTower Advisors LLC purchased a new position in SunPower during the second quarter valued at $124,000. WFG Advisors LP lifted its position in SunPower by 7.6% during the second quarter. WFG Advisors LP now owns 15,550 shares of the semiconductor company’s stock valued at $145,000 after buying an additional 1,100 shares during the period. Finally, Quantbot Technologies LP lifted its position in SunPower by 340.9% during the second quarter. Quantbot Technologies LP now owns 15,986 shares of the semiconductor company’s stock valued at $149,000 after buying an additional 12,360 shares during the period. 25.39% of the stock is owned by institutional investors.
SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.
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