SunPower (NASDAQ:SPWR) Shares Gap Down to $4.39

SunPower Co. (NASDAQ:SPWR - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $4.39, but opened at $3.40. SunPower shares last traded at $3.04, with a volume of 8,455,649 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Citigroup reduced their price target on shares of SunPower from $3.00 to $2.50 and set a "sell" rating for the company in a research note on Thursday, March 28th. Susquehanna cut their target price on shares of SunPower from $4.50 to $3.00 and set a "neutral" rating for the company in a research report on Friday, April 5th. Truist Financial lowered their price target on SunPower from $5.00 to $3.50 and set a "hold" rating on the stock in a report on Tuesday, January 23rd. UBS Group raised their price target on SunPower from $4.00 to $4.25 and gave the stock a "neutral" rating in a research note on Friday, February 16th. Finally, Evercore ISI cut SunPower from an "outperform" rating to an "inline" rating and set a $6.00 price objective for the company. in a research report on Tuesday, April 23rd. Eleven investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $4.59.

SunPower Trading Down 29.2 %

The firm has a market cap of $545.37 million, a P/E ratio of -2.27 and a beta of 1.80. The stock has a 50 day simple moving average of $2.58 and a 200-day simple moving average of $3.50.

SunPower (NASDAQ:SPWR - Get Free Report) last announced its quarterly earnings results 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). SunPower had a negative return on equity of 40.95% and a negative net margin of 14.15%. The business had revenue of $356.91 million during the quarter, compared to the consensus estimate of $364.58 million. As a group, equities analysts forecast that SunPower Co. will post -0.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SunPower

A number of large investors have recently made changes to their positions in SPWR. Schroder Investment Management Group grew its stake in shares of SunPower by 18.8% during the third quarter. Schroder Investment Management Group now owns 8,082,152 shares of the semiconductor company's stock valued at $49,867,000 after buying an additional 1,279,226 shares during the last quarter. Federated Hermes Inc. increased its stake in SunPower by 193.0% in the fourth quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company's stock worth $8,250,000 after purchasing an additional 1,125,231 shares during the period. Invesco Ltd. lifted its position in shares of SunPower by 12.7% during the third quarter. Invesco Ltd. now owns 4,726,404 shares of the semiconductor company's stock worth $29,162,000 after purchasing an additional 531,800 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of SunPower during the first quarter worth $932,000. Finally, Quadrature Capital Ltd boosted its stake in shares of SunPower by 117.7% during the first quarter. Quadrature Capital Ltd now owns 343,628 shares of the semiconductor company's stock valued at $1,034,000 after purchasing an additional 185,761 shares during the period. 47.36% of the stock is owned by hedge funds and other institutional investors.

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.