SunPower (NASDAQ:SPWR) PT Lowered to $3.00 at Susquehanna

SunPower (NASDAQ:SPWR - Get Free Report) had its target price lowered by investment analysts at Susquehanna from $4.50 to $3.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a "neutral" rating on the semiconductor company's stock. Susquehanna's target price would indicate a potential upside of 12.78% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. Truist Financial dropped their price objective on shares of SunPower from $5.00 to $3.50 and set a "hold" rating on the stock in a report on Tuesday, January 23rd. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $4.00 price objective (down previously from $6.00) on shares of SunPower in a report on Monday, January 8th. Raymond James cut shares of SunPower from an "outperform" rating to a "market perform" rating in a report on Thursday, January 4th. The Goldman Sachs Group dropped their price objective on shares of SunPower from $4.00 to $2.50 and set a "sell" rating on the stock in a report on Monday, January 22nd. Finally, UBS Group increased their price objective on shares of SunPower from $4.00 to $4.25 and gave the stock a "neutral" rating in a report on Friday, February 16th. Ten research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $5.25.

SunPower Stock Down 6.7 %

Shares of NASDAQ:SPWR traded down $0.19 on Friday, reaching $2.66. 4,912,547 shares of the company's stock were exchanged, compared to its average volume of 7,329,556. The firm has a market capitalization of $466.46 million, a price-to-earnings ratio of -1.97 and a beta of 1.73. SunPower has a fifty-two week low of $2.49 and a fifty-two week high of $14.92. The business's 50-day moving average is $3.16 and its two-hundred day moving average is $4.17.

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

Hedge Funds Weigh In On SunPower

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in SunPower by 24.2% during the second quarter. BlackRock Inc. now owns 19,353,725 shares of the semiconductor company's stock valued at $189,667,000 after acquiring an additional 3,770,195 shares in the last quarter. Vanguard Group Inc. raised its position in SunPower by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 9,640,772 shares of the semiconductor company's stock valued at $46,565,000 after acquiring an additional 197,291 shares in the last quarter. Schroder Investment Management Group raised its position in 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 acquiring an additional 1,279,226 shares in the last quarter. Morgan Stanley raised its position in SunPower by 144.3% during the third quarter. Morgan Stanley now owns 6,926,951 shares of the semiconductor company's stock valued at $42,739,000 after acquiring an additional 4,091,748 shares in the last quarter. Finally, Invesco Ltd. raised its position in SunPower by 12.7% during the third quarter. Invesco Ltd. now owns 4,726,404 shares of the semiconductor company's stock valued at $29,162,000 after acquiring an additional 531,800 shares in the last quarter. Institutional investors own 47.36% of the company's stock.

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.