SunPower (NASDAQ:SPWR) Shares Gap Up to $2.75

SunPower Co. (NASDAQ:SPWR - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $2.75, but opened at $5.03. SunPower shares last traded at $4.31, with a volume of 41,253,110 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Scotiabank reduced their price objective on SunPower from $6.00 to $4.00 and set a "sector perform" rating for the company in a report on Monday, April 29th. Evercore ISI downgraded SunPower from an "outperform" rating to an "inline" rating and set a $6.00 target price for the company. in a report on Tuesday, April 23rd. Citigroup lowered their price target on shares of SunPower from $3.00 to $2.50 and set a "sell" rating on the stock in a research report on Thursday, March 28th. Mizuho decreased their target price on shares of SunPower from $5.00 to $4.00 and set a "neutral" rating on the stock in a research report on Friday, April 19th. Finally, The Goldman Sachs Group dropped their price target on shares of SunPower from $4.00 to $2.50 and set a "sell" rating for the company in a research report on Monday, January 22nd. Ten analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to MarketBeat, SunPower has an average rating of "Hold" and a consensus price target of $4.72.

SunPower Stock Up 59.6 %

The stock has a 50 day simple moving average of $2.55 and a 200 day simple moving average of $3.50. The stock has a market cap of $769.83 million, a price-to-earnings ratio of -3.15 and a beta of 1.80.

SunPower (NASDAQ:SPWR - Get Free Report) 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). SunPower had a negative net margin of 14.15% and a negative return on equity of 40.95%. The business had revenue of $356.91 million for the quarter, compared to the consensus estimate of $364.58 million. Equities analysts expect that SunPower Co. will post -0.74 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its position in SunPower by 383.0% in the fourth quarter. International Assets Investment Management LLC now owns 5,366 shares of the semiconductor company's stock worth $26,000 after buying an additional 4,255 shares during the last quarter. Wedmont Private Capital bought a new position in SunPower during the first quarter worth about $30,000. First Trust Direct Indexing L.P. bought a new stake in shares of SunPower in the first quarter valued at approximately $46,000. New Mexico Educational Retirement Board bought a new position in SunPower in the 1st quarter worth approximately $51,000. Finally, abrdn plc bought a new position in shares of SunPower in the third quarter worth $62,000. 47.36% of the stock is currently 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.