SunPower (NASDAQ:SPWR) was downgraded by stock analysts at The Goldman Sachs Group from a "buy" rating to a "neutral" rating in a research note issued to investors on Monday, The Fly reports.
Several other equities research analysts have also recently issued reports on the stock. Piper Sandler decreased their price objective on shares of SunPower from $35.00 to $31.00 and set a "neutral" rating for the company in a research report on Tuesday, March 9th. They noted that the move was a valuation call. Credit Suisse Group reissued an "underperform" rating and issued a $23.00 price target on shares of SunPower in a research report on Monday, March 1st. Zacks Investment Research raised shares of SunPower from a "sell" rating to a "hold" rating and set a $36.00 price target for the company in a research report on Tuesday, February 23rd. JPMorgan Chase & Co. reduced their price target on shares of SunPower from $28.00 to $24.00 and set a "neutral" rating for the company in a research report on Monday, March 8th. Finally, Morgan Stanley reduced their price target on shares of SunPower from $27.00 to $22.00 and set an "underweight" rating for the company in a research report on Tuesday, March 16th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company's stock. SunPower presently has an average rating of "Hold" and an average target price of $30.17.
Shares of NASDAQ:SPWR traded up $2.58 during trading on Monday, hitting $34.44. The company's stock had a trading volume of 3,824,419 shares, compared to its average volume of 8,686,285. The business has a 50 day moving average price of $40.08 and a two-hundred day moving average price of $25.88. The company has a market capitalization of $5.87 billion, a PE ratio of 93.08 and a beta of 2.47. The company has a debt-to-equity ratio of 12.46, a quick ratio of 0.91 and a current ratio of 1.14. SunPower has a fifty-two week low of $4.51 and a fifty-two week high of $57.52.
SunPower (NASDAQ:SPWR) last posted its quarterly earnings results on Tuesday, February 16th. The semiconductor company reported $0.14 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $0.06 by $0.08. SunPower had a net margin of 4.05% and a negative return on equity of 256.87%. As a group, equities analysts expect that SunPower will post -0.34 earnings per share for the current fiscal year.
In other news, insider Vichheka Heang sold 2,124 shares of the business's stock in a transaction dated Monday, February 22nd. The shares were sold at an average price of $35.81, for a total transaction of $76,060.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Douglas J. Richards sold 53,486 shares of the business's stock in a transaction dated Thursday, March 4th. The stock was sold at an average price of $31.98, for a total transaction of $1,710,482.28. Following the transaction, the executive vice president now owns 42,018 shares in the company, valued at $1,343,735.64. The disclosure for this sale can be found here. Insiders sold 316,336 shares of company stock valued at $10,925,717 over the last ninety days. Corporate insiders own 1.11% of the company's stock.
Several institutional investors have recently modified their holdings of SPWR. Renaissance Technologies LLC acquired a new position in shares of SunPower during the fourth quarter worth about $55,673,000. Great West Life Assurance Co. Can increased its stake in shares of SunPower by 23,074.0% during the third quarter. Great West Life Assurance Co. Can now owns 1,165,650 shares of the semiconductor company's stock worth $2,572,000 after acquiring an additional 1,160,620 shares during the period. Voloridge Investment Management LLC increased its stake in shares of SunPower by 365.6% during the fourth quarter. Voloridge Investment Management LLC now owns 1,370,947 shares of the semiconductor company's stock worth $35,151,000 after acquiring an additional 1,076,504 shares during the period. Norges Bank acquired a new position in shares of SunPower during the fourth quarter worth about $18,782,000. Finally, First Trust Advisors LP increased its stake in shares of SunPower by 55.2% during the fourth quarter. First Trust Advisors LP now owns 1,287,672 shares of the semiconductor company's stock worth $33,016,000 after acquiring an additional 458,101 shares during the period. Institutional investors and hedge funds own 45.92% of the company's stock.
About SunPower
SunPower Corporation delivers solar solutions worldwide. It operates through SunPower Energy Services and SunPower Technologies segments. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors. It also offers commercial rooftop and ground-mounted solar power systems, and residential mounting systems.
Further Reading: What is diluted earnings per share (Diluted EPS)?
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