SunPower (NASDAQ:SPWR) Shares Gap Up to $2.74

SunPower Co. (NASDAQ:SPWR - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $2.74, but opened at $3.26. SunPower shares last traded at $3.47, with a volume of 28,317,446 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently commented on SPWR shares. Scotiabank cut their target price on shares of SunPower from $6.00 to $4.00 and set a "sector perform" rating for the company in a research note on Monday, April 29th. Truist Financial reduced their target price on shares of SunPower from $5.00 to $3.50 and set a "hold" rating for the company in a research report on Tuesday, January 23rd. Mizuho lowered their price target 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. Evercore ISI downgraded shares of SunPower from an "outperform" rating to an "inline" rating and set a $6.00 price objective for the company. in a report on Tuesday, April 23rd. Finally, Citigroup lowered their target price on SunPower from $3.00 to $2.50 and set a "sell" rating on the stock in a report on Thursday, March 28th. Eleven investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat.com, SunPower presently has a consensus rating of "Reduce" and an average price target of $4.59.

SunPower Price Performance

The firm has a market capitalization of $548.88 million, a price-to-earnings ratio of -2.14 and a beta of 1.80. The firm has a 50 day moving average price of $2.58 and a 200-day moving average price of $3.45.

Institutional Investors Weigh In On SunPower

Hedge funds have recently bought and sold shares of the stock. Schroder Investment Management Group raised its holdings in SunPower by 18.8% in 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 acquiring an additional 1,279,226 shares in the last quarter. Vanguard Group Inc. increased its position in shares of SunPower by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 9,443,481 shares of the semiconductor company's stock valued at $58,266,000 after purchasing an additional 145,367 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of SunPower by 193.0% in the 4th quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company's stock valued at $8,250,000 after purchasing an additional 1,125,231 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of SunPower by 8.0% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 61,647 shares of the semiconductor company's stock worth $300,000 after purchasing an additional 4,585 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of SunPower by 9.8% during the third quarter. Barclays PLC now owns 52,243 shares of the semiconductor company's stock worth $322,000 after purchasing an additional 4,671 shares in the last quarter. Institutional investors and hedge funds 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.