Federated Hermes Inc. Purchases 1,125,231 Shares of SunPower Co. (NASDAQ:SPWR)

Federated Hermes Inc. raised its position in SunPower Co. (NASDAQ:SPWR) by 193.0% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,708,133 shares of the semiconductor company’s stock after acquiring an additional 1,125,231 shares during the period. Federated Hermes Inc. owned about 0.97% of SunPower worth $8,250,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Exchange Traded Concepts LLC lifted its stake in 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 acquiring an additional 2,537 shares in the last quarter. Brown Advisory Inc. increased its position in shares of SunPower by 20.0% during the 3rd quarter. Brown Advisory Inc. now owns 18,014 shares of the semiconductor company’s stock worth $111,000 after purchasing an additional 3,000 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of SunPower by 39.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 12,106 shares of the semiconductor company’s stock worth $75,000 after purchasing an additional 3,400 shares during the last quarter. Prime Capital Investment Advisors LLC increased its position in shares of SunPower by 35.4% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 15,762 shares of the semiconductor company’s stock worth $97,000 after purchasing an additional 4,118 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of 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 purchasing an additional 4,255 shares during the last quarter. Institutional investors own 47.36% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Citigroup lowered 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. Mizuho lowered their price target on SunPower from $5.00 to $4.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. UBS Group boosted their price target on SunPower from $4.00 to $4.25 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Evercore ISI lowered SunPower from an “outperform” rating to an “inline” rating and set a $6.00 target price on the stock. in a report on Tuesday. Finally, Susquehanna decreased their target price on SunPower from $4.50 to $3.00 and set a “neutral” rating on the stock in a report on Friday, April 5th. Ten analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $4.76.

SunPower Stock Performance

SPWR opened at $1.94 on Thursday. The business has a fifty day simple moving average of $2.90 and a 200 day simple moving average of $3.80. SunPower Co. has a 1 year low of $1.77 and a 1 year high of $14.49.

SunPower (NASDAQ:SPWR) last released 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 the consensus estimate 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, sell-side analysts anticipate that SunPower Co. will post -0.74 EPS for the current year.

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.