SunPower (NASDAQ:SPWR) Lowered to “Inline” at Evercore ISI

Evercore ISI downgraded shares of SunPower (NASDAQ:SPWR) from an outperform rating to an inline rating in a report released on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has $6.00 price objective on the semiconductor company’s stock.

A number of other equities analysts have also recently commented on the stock. Susquehanna dropped their price objective on shares of SunPower from $4.50 to $3.00 and set a neutral rating for the company in a research note on Friday, April 5th. UBS Group boosted their price objective on SunPower from $4.00 to $4.25 and gave the stock a neutral rating in a research note on Friday, February 16th. Raymond James lowered SunPower from an outperform rating to a market perform rating in a research note on Thursday, January 4th. Truist Financial cut their target price on SunPower from $5.00 to $3.50 and set a hold rating on the stock in a research report on Tuesday, January 23rd. Finally, Citigroup lowered their price target on SunPower from $3.00 to $2.50 and set a sell rating for the company in a research report on Thursday, March 28th. Ten analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to data from MarketBeat.com, SunPower presently has a consensus rating of Reduce and a consensus target price of $4.76.

SunPower Trading Down 8.4 %

NASDAQ:SPWR opened at $1.96 on Tuesday. The business’s 50-day moving average is $2.90 and its 200 day moving average is $3.80. SunPower has a 12 month low of $1.76 and a 12 month high of $14.49. The company has a market capitalization of $343.71 million, a P/E ratio of -1.43 and a beta of 1.73.

SunPower (NASDAQ:SPWR) last issued its quarterly earnings data 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). SunPower had a negative return on equity of 40.95% and a negative net margin of 14.15%. The firm had revenue of $356.91 million for the quarter, compared to analysts’ expectations of $364.58 million. On average, research analysts forecast that SunPower will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On SunPower

A number of institutional investors have recently modified their holdings of SPWR. Vanguard Group Inc. grew its stake in SunPower by 1.6% in the third quarter. Vanguard Group Inc. now owns 9,443,481 shares of the semiconductor company’s stock worth $58,266,000 after purchasing an additional 145,367 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of 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 buying an additional 1,279,226 shares during the period. Invesco Ltd. raised its holdings in shares of SunPower by 12.7% in 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. Federated Hermes Inc. lifted its stake in SunPower by 193.0% in the fourth quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock worth $8,250,000 after acquiring an additional 1,125,231 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in SunPower by 5.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 681,079 shares of the semiconductor company’s stock worth $4,202,000 after acquiring an additional 33,270 shares in the last quarter. 47.36% of the stock is owned by hedge funds and other institutional investors.

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.