SunPower (NASDAQ:SPWR) Price Target Lowered to $4.00 at Scotiabank

SunPower (NASDAQ:SPWR - Get Free Report) had its target price cut by equities researchers at Scotiabank from $6.00 to $4.00 in a report issued on Monday, Benzinga reports. The firm currently has a "sector perform" rating on the semiconductor company's stock. Scotiabank's price target points to a potential upside of 85.19% from the stock's current price.

A number of other research firms have also weighed in on SPWR. UBS Group lifted their target price on SunPower from $4.00 to $4.25 and gave the company a "neutral" rating in a report on Friday, February 16th. Truist Financial cut their price objective on SunPower from $5.00 to $3.50 and set a "hold" rating for the company in a report on Tuesday, January 23rd. Guggenheim lowered SunPower from a "neutral" rating to a "sell" rating in a report on Friday, February 16th. The Goldman Sachs Group cut their price objective on SunPower from $4.00 to $2.50 and set a "sell" rating for the company in a report on Monday, January 22nd. Finally, Wells Fargo & Company reissued an "underweight" rating and set a $4.00 price objective (down previously from $6.00) on shares of SunPower in a report on Monday, January 8th. Ten analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $4.72.

SunPower Price Performance

SPWR stock traded up $0.17 during mid-day trading on Monday, reaching $2.16. 4,648,734 shares of the company traded hands, compared to its average volume of 6,943,684. The company has a market capitalization of $378.78 million, a P/E ratio of -1.58 and a beta of 1.73. SunPower has a 52-week low of $1.77 and a 52-week high of $13.41. The company has a fifty day moving average price of $2.74 and a 200-day moving average price of $3.70.

SunPower (NASDAQ:SPWR - Get Free Report) last posted 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 company had revenue of $356.91 million for the quarter, compared to analysts' expectations 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, analysts forecast that SunPower will post -0.74 EPS for the current year.

Institutional Trading of SunPower

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