SunPower (NASDAQ:SPWR) Price Target Cut to $4.00

SunPower (NASDAQ:SPWR - Free Report) had its target price lowered by Mizuho from $5.00 to $4.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a neutral rating on the semiconductor company's stock.

A number of other equities research analysts have also issued reports on the company. UBS Group increased their price target on SunPower from $4.00 to $4.25 and gave the company a neutral rating in a research report on Friday, February 16th. The Goldman Sachs Group reduced their price target on SunPower from $4.00 to $2.50 and set a sell rating on the stock in a research report on Monday, January 22nd. Truist Financial reduced their price target on SunPower from $5.00 to $3.50 and set a hold rating on the stock in a research report on Tuesday, January 23rd. Citigroup reduced their price target on SunPower from $3.00 to $2.50 and set a sell rating on the stock in a research report on Thursday, March 28th. Finally, Wells Fargo & Company reaffirmed an underweight rating and issued a $4.00 price target (down previously from $6.00) on shares of SunPower in a research report on Monday, January 8th. Ten research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $4.76.

SunPower Trading Down 2.2 %

SPWR traded down $0.05 during mid-day trading on Friday, hitting $2.21. 6,347,117 shares of the stock were exchanged, compared to its average volume of 7,004,331. The firm's fifty day moving average is $2.97 and its two-hundred day moving average is $3.87. SunPower has a 1-year low of $2.17 and a 1-year high of $14.49. The company has a market cap of $387.55 million, a PE ratio of -1.61 and a beta of 1.73.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its stake in SunPower by 383.0% during the 4th 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 purchased a new position in shares of SunPower in the 1st quarter valued at approximately $30,000. Avior Wealth Management LLC purchased a new position in shares of SunPower in the 3rd quarter valued at approximately $31,000. PNC Financial Services Group Inc. grew its stake in shares of SunPower by 86.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,327 shares of the semiconductor company's stock valued at $42,000 after purchasing an additional 2,005 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in shares of SunPower by 53.3% in the 3rd 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. Hedge funds and other institutional investors 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.