Evercore ISI Lowers SunPower (NASDAQ:SPWR) to Inline

SunPower (NASDAQ:SPWR - Get Free Report) was downgraded by investment analysts at Evercore ISI from an "outperform" rating to an "inline" rating in a research note issued on Tuesday, MarketBeat.com reports. They currently have a $6.00 price objective on the semiconductor company's stock. Evercore ISI's price objective indicates a potential upside of 206.12% from the stock's previous close.

A number of other brokerages have also commented on SPWR. Wells Fargo & Company restated an "underweight" rating and set a $4.00 price target (down previously from $6.00) on shares of SunPower in a research note on Monday, January 8th. UBS Group boosted 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. Truist Financial decreased their price target on shares of SunPower from $5.00 to $3.50 and set a "hold" rating for the company in a research note on Tuesday, January 23rd. Raymond James lowered shares of SunPower from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 4th. Finally, Susquehanna cut their price objective on shares of SunPower from $4.50 to $3.00 and set a "neutral" rating on the stock in a report on Friday, April 5th. Ten research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $4.76.

SunPower Price Performance

Shares of NASDAQ:SPWR traded down $0.18 during mid-day trading on Tuesday, hitting $1.96. The company had a trading volume of 10,975,821 shares, compared to its average volume of 7,008,416. The firm has a fifty day moving average price of $2.90 and a 200 day moving average price of $3.80. The company has a market capitalization of $343.71 million, a PE ratio of -1.43 and a beta of 1.73. SunPower has a one year low of $1.76 and a one year high of $14.49.

SunPower (NASDAQ:SPWR - Get Free Report) last released its quarterly earnings data on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.24). The company had revenue of $356.91 million during the quarter, compared to the consensus estimate of $364.58 million. SunPower had a negative net margin of 14.15% and a negative return on equity of 40.95%. Research analysts expect that SunPower will post -0.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SunPower

Institutional investors have recently added to or reduced their stakes in the business. Avior Wealth Management LLC purchased a new stake in SunPower during the third quarter valued at about $31,000. International Assets Investment Management LLC lifted its holdings in SunPower by 383.0% during the fourth quarter. International Assets Investment Management LLC now owns 5,366 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 4,255 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in SunPower by 53.3% during the third quarter. Exchange Traded Concepts LLC now owns 7,296 shares of the semiconductor company's stock valued at $45,000 after purchasing an additional 2,537 shares during the last quarter. Bryn Mawr Capital Management LLC purchased a new stake in SunPower during the third quarter valued at about $62,000. Finally, abrdn plc purchased a new stake in SunPower during the third quarter valued at about $62,000. 47.36% of the stock is owned by hedge funds and other institutional investors.

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.