Zacks Investment Research upgraded shares of SunPower (NASDAQ:SPWR) from a hold rating to a buy rating in a report issued on Wednesday. Zacks Investment Research currently has $6.25 price target on the semiconductor company’s stock.
According to Zacks, “SunPower is one of the most forward-integrated solar companies, having over a decade-long experience in designing, manufacturing and supplying large-scale solar systems. SunPower remains committed to provide high-performance solar power products to its customers. Its recent decision to acquire SolarWorld Americas will expand its footprint in the United States. Moreover, the company continues to witness growing demand for its Helix solar-plus-storage solution. However, SunPower's shares underperformed the industry in the last twelve months. The trade war between the United States and China is impacting the company’s business, majorly the power plant equipment business.”
Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. set a $9.00 price objective on shares of SunPower and gave the stock a hold rating in a research note on Wednesday, September 19th. ValuEngine raised shares of SunPower from a sell rating to a hold rating in a research note on Wednesday, October 17th. Bank of America dropped their price objective on shares of SunPower from $7.50 to $7.00 and set a neutral rating on the stock in a research note on Tuesday, October 9th. Robert W. Baird raised their price objective on shares of SunPower from $7.00 to $9.00 and gave the stock a neutral rating in a research note on Wednesday, September 19th. Finally, Credit Suisse Group raised shares of SunPower from a neutral rating to an outperform rating and lifted their price target for the company from $8.00 to $10.00 in a research note on Wednesday, September 19th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $8.13.
Shares of NASDAQ SPWR opened at $5.47 on Wednesday. The company has a market cap of $753.39 million, a PE ratio of -13.34 and a beta of 2.06. SunPower has a 12 month low of $4.55 and a 12 month high of $10.00. The company has a debt-to-equity ratio of 39.39, a quick ratio of 1.17 and a current ratio of 1.70.
SunPower (NASDAQ:SPWR) last issued its quarterly earnings data on Tuesday, October 30th. The semiconductor company reported ($0.29) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.11. The business had revenue of $443.40 million for the quarter, compared to analysts’ expectations of $478.88 million. SunPower had a negative net margin of 63.38% and a negative return on equity of 24.10%. The business’s revenue was down .8% on a year-over-year basis. During the same quarter last year, the company earned $0.21 EPS. As a group, analysts forecast that SunPower will post -1.04 EPS for the current fiscal year.
In other SunPower news, insider Vidul Prakash sold 24,826 shares of SunPower stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $6.88, for a total transaction of $170,802.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 26,470 shares of company stock worth $179,122. 0.88% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Highland Capital Management LP acquired a new stake in SunPower during the 3rd quarter worth $146,000. Alps Advisors Inc. purchased a new position in shares of SunPower during the 3rd quarter worth $190,000. BlueMountain Capital Management LLC purchased a new position in shares of SunPower during the 2nd quarter worth $200,000. Virtu Financial LLC purchased a new position in shares of SunPower during the 3rd quarter worth $191,000. Finally, North Star Investment Management Corp. raised its holdings in shares of SunPower by 19.9% during the 4th quarter. North Star Investment Management Corp. now owns 36,200 shares of the semiconductor company’s stock worth $180,000 after acquiring an additional 6,000 shares during the period. 26.41% of the stock is currently owned by institutional investors.
SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.
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