SunPower (NASDAQ:SPWR) Price Target Cut to $4.00

SunPower (NASDAQ:SPWR) had its price objective reduced by Mizuho from $5.00 to $4.00 in a report issued on Friday morning, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

A number of other brokerages also recently weighed in on SPWR. Truist Financial cut their target price on SunPower from $5.00 to $3.50 and set a hold rating on the stock in a research note on Tuesday, January 23rd. Raymond James downgraded SunPower from an outperform rating to a market perform rating in a research note on Thursday, January 4th. Guggenheim downgraded SunPower from a neutral rating to a sell rating in a research note on Friday, February 16th. UBS Group boosted their target price on SunPower from $4.00 to $4.25 and gave the stock a neutral rating in a research note on Friday, February 16th. Finally, Wells Fargo & Company restated an underweight rating and issued a $4.00 target price (down previously from $6.00) on shares of SunPower in a research note on Monday, January 8th. Ten equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, SunPower has an average rating of Hold and a consensus target price of $4.76.

SunPower Stock Performance

SPWR stock opened at $2.21 on Friday. The company has a market capitalization of $387.55 million, a P/E ratio of -1.61 and a beta of 1.73. SunPower has a 52-week low of $2.17 and a 52-week high of $14.49. The business has a 50-day simple moving average of $2.97 and a two-hundred day simple moving average of $3.87.

SunPower (NASDAQ:SPWR) last released its quarterly earnings results on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.24). The company had revenue of $356.91 million for the quarter, compared to analyst estimates of $364.58 million. SunPower had a negative net margin of 14.15% and a negative return on equity of 40.95%. As a group, sell-side analysts forecast that SunPower will post -0.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SunPower

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV raised its holdings in SunPower by 3.2% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 24,881 shares of the semiconductor company’s stock valued at $573,000 after acquiring an additional 782 shares during the period. Commonwealth Equity Services LLC raised its holdings in SunPower by 6.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 13,966 shares of the semiconductor company’s stock valued at $321,000 after acquiring an additional 823 shares during the period. Toroso Investments LLC raised its holdings in SunPower by 24.7% during the 3rd quarter. Toroso Investments LLC now owns 5,077 shares of the semiconductor company’s stock valued at $117,000 after acquiring an additional 1,007 shares during the period. Prudential Financial Inc. raised its holdings in SunPower by 11.4% during the 2nd quarter. Prudential Financial Inc. now owns 10,818 shares of the semiconductor company’s stock valued at $164,000 after acquiring an additional 1,103 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in SunPower by 0.5% during the 4th quarter. Alliancebernstein L.P. now owns 212,391 shares of the semiconductor company’s stock valued at $3,829,000 after acquiring an additional 1,125 shares during the period. Institutional investors 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.