Evercore ISI Downgrades SunPower (NASDAQ:SPWR) to Inline

SunPower (NASDAQ:SPWR) was downgraded by research analysts at Evercore ISI from an “outperform” rating to an “inline” rating in a research report issued on Tuesday, MarketBeat Ratings reports. They presently have a $6.00 price target on the semiconductor company’s stock. Evercore ISI’s target price suggests a potential upside of 209.28% from the stock’s previous close.

SPWR has been the subject of a number of other research reports. Wells Fargo & Company reissued an “underweight” rating and issued a $4.00 price target (down previously from $6.00) on shares of SunPower in a report on Monday, January 8th. Raymond James cut shares of SunPower from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 4th. Guggenheim cut shares of SunPower from a “neutral” rating to a “sell” rating in a research report on Friday, February 16th. Susquehanna lowered their price target 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, UBS Group lifted their price target on shares of SunPower from $4.00 to $4.25 and gave the company a “neutral” rating in a research note on Friday, February 16th. Ten analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to data from MarketBeat.com, SunPower currently has a consensus rating of “Reduce” and a consensus price target of $4.76.

SunPower Price Performance

SPWR stock opened at $1.94 on Tuesday. SunPower has a 52-week low of $1.77 and a 52-week high of $14.49. The company has a 50-day moving average of $2.90 and a two-hundred day moving average of $3.80. The stock has a market capitalization of $340.20 million, a price-to-earnings ratio of -1.42 and a beta of 1.73.

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

Institutional Trading of SunPower

A number of institutional investors have recently made changes to their positions in the stock. New Mexico Educational Retirement Board bought a new stake in SunPower during the 1st quarter worth approximately $51,000. First Trust Direct Indexing L.P. bought a new stake in SunPower in the first quarter worth $46,000. Counterpoint Mutual Funds LLC increased its position in SunPower by 46.4% in the first quarter. Counterpoint Mutual Funds LLC now owns 64,619 shares of the semiconductor company’s stock worth $194,000 after purchasing an additional 20,493 shares during the last quarter. Wedmont Private Capital purchased a new position in SunPower during the first quarter worth $30,000. Finally, Quadrature Capital Ltd purchased a new position in SunPower during the fourth quarter worth $762,000. Hedge funds and other institutional investors own 47.36% of the company’s stock.

About SunPower

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.