SunPower Co. (NASDAQ:SPWR) Receives $4.72 Consensus Price Target from Brokerages

Shares of SunPower Co. (NASDAQ:SPWR) have earned a consensus rating of “Reduce” from the nineteen brokerages that are presently covering the stock, MarketBeat reports. Nine research analysts have rated the stock with a sell recommendation and ten have assigned a hold recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $4.72.

SPWR has been the subject of several analyst reports. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $4.00 price objective (down from $6.00) on shares of SunPower in a report on Monday, January 8th. Mizuho dropped their price objective on SunPower from $5.00 to $4.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Evercore ISI cut 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. UBS Group lifted their price objective on SunPower from $4.00 to $4.25 and gave the company a “neutral” rating in a report on Friday, February 16th. Finally, Truist Financial lowered their price target on SunPower from $5.00 to $3.50 and set a “hold” rating for the company in a report on Tuesday, January 23rd.

Institutional Investors Weigh In On SunPower

Several institutional investors and hedge funds have recently made changes to their positions in SPWR. Exchange Traded Concepts LLC boosted its position in shares of SunPower by 53.3% during 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 in the last quarter. Raymond James & Associates raised its stake in SunPower by 157.4% during the 3rd quarter. Raymond James & Associates now owns 44,377 shares of the semiconductor company’s stock worth $274,000 after buying an additional 27,136 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in SunPower by 16.4% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 45,252 shares of the semiconductor company’s stock worth $279,000 after buying an additional 6,383 shares during the period. Brown Advisory Inc. raised its stake in 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 buying an additional 3,000 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in SunPower by 88.7% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 12,715 shares of the semiconductor company’s stock worth $78,000 after buying an additional 5,977 shares during the period. Institutional investors own 47.36% of the company’s stock.

SunPower Price Performance

SPWR opened at $2.34 on Friday. The business has a fifty day simple moving average of $2.65 and a 200 day simple moving average of $3.60. The company has a market capitalization of $410.34 million, a PE ratio of -1.71 and a beta of 1.80. SunPower has a 1 year low of $1.76 and a 1 year high of $12.18.

SunPower (NASDAQ:SPWR) last released its quarterly earnings results on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.24). The firm had revenue of $356.91 million during 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%. Equities analysts anticipate that SunPower will post -0.74 earnings per share for the current fiscal 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.