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

SunPower (NASDAQ:SPWR) had its price target lowered by Scotiabank from $6.00 to $4.00 in a research note published on Monday morning, Benzinga reports. The firm currently has a sector perform rating on the semiconductor company’s stock.

SPWR has been the subject of a number of other reports. UBS Group boosted their target price on shares of SunPower from $4.00 to $4.25 and gave the stock a neutral rating in a research note on Friday, February 16th. Truist Financial reduced their price objective on SunPower from $5.00 to $3.50 and set a hold rating on the stock in a report on Tuesday, January 23rd. Wells Fargo & Company reissued an underweight rating and issued a $4.00 target price (down from $6.00) on shares of SunPower in a research note on Monday, January 8th. Citigroup cut their price target on SunPower from $3.00 to $2.50 and set a sell rating on the stock in a research note on Thursday, March 28th. Finally, The Goldman Sachs Group decreased their price target on SunPower from $4.00 to $2.50 and set a sell rating on the stock in a report on Monday, January 22nd. Ten investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $4.72.

SunPower Price Performance

NASDAQ SPWR opened at $2.16 on Monday. SunPower has a twelve month low of $1.77 and a twelve month high of $13.41. The company’s 50-day simple moving average is $2.74 and its 200 day simple moving average is $3.70.

SunPower (NASDAQ:SPWR) last released its quarterly earnings data on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.24). SunPower had a negative net margin of 14.15% and a negative return on equity of 40.95%. The company had revenue of $356.91 million during the quarter, compared to the consensus estimate of $364.58 million. On average, equities research analysts forecast that SunPower will post -0.74 EPS for the current year.

Institutional Trading of SunPower

Hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC raised its holdings 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 period. Exchange Traded Concepts LLC raised its holdings in shares of SunPower by 53.3% during the third quarter. Exchange Traded Concepts LLC now owns 7,296 shares of the semiconductor company’s stock worth $45,000 after acquiring an additional 2,537 shares during the period. Bryn Mawr Capital Management LLC acquired a new stake in shares of SunPower during the third quarter worth $62,000. abrdn plc bought a new stake in SunPower in the 3rd quarter valued at $62,000. Finally, Wedmont Private Capital acquired a new position in SunPower in the 1st quarter worth $30,000. Institutional investors and hedge funds 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.