SunPower Corp. (SPWR) Downgraded by Robert W. Baird
SunPower Corp. (NASDAQ:SPWR) was downgraded by investment analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a report released on Thursday. They currently have a $7.00 price target on the stock, down from their previous price target of $12.00. Robert W. Baird’s price target points to a potential downside of 2.23% from the company’s previous close.
Other equities analysts have also recently issued research reports about the company. Guggenheim raised SunPower Corp. from a “neutral” rating to a “buy” rating and increased their target price for the company from $15.64 to $20.00 in a report on Wednesday, July 27th. JPMorgan Chase & Co. set a $28.00 target price on SunPower Corp. and gave the company a “buy” rating in a report on Friday, August 5th. Morgan Stanley set a $27.00 target price on SunPower Corp. and gave the company a “buy” rating in a report on Thursday, August 11th. Vetr cut SunPower Corp. from a “strong-buy” rating to a “buy” rating and set a $9.80 target price for the company. in a report on Wednesday, October 19th. Finally, Barclays PLC cut SunPower Corp. from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $23.00 to $12.00 in a report on Saturday, August 13th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. SunPower Corp. presently has a consensus rating of “Hold” and a consensus price target of $19.38.
Shares of SunPower Corp. (NASDAQ:SPWR) opened at 7.16 on Thursday. The company’s market capitalization is $991.07 million. SunPower Corp. has a 12 month low of $6.00 and a 12 month high of $31.10. The firm’s 50-day moving average price is $7.93 and its 200-day moving average price is $12.28.
SunPower Corp. (NASDAQ:SPWR) last announced its earnings results on Wednesday, November 9th. The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.30. SunPower Corp. had a positive return on equity of 16.65% and a negative net margin of 16.95%. The business earned $729.30 million during the quarter, compared to analysts’ expectations of $777.94 million. During the same quarter in the prior year, the firm earned $0.13 earnings per share. The business’s revenue was up 91.8% compared to the same quarter last year. Equities research analysts expect that SunPower Corp. will post ($0.01) EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in SunPower Corp. by 101.8% in the first quarter. BlackRock Inc. now owns 6,559 shares of the company’s stock worth $146,000 after buying an additional 3,308 shares during the period. Summit Partners Public Asset Management LLC raised its position in SunPower Corp. by 125.0% in the first quarter. Summit Partners Public Asset Management LLC now owns 180,000 shares of the company’s stock worth $4,021,000 after buying an additional 100,000 shares during the period. Seven Eight Capital LLC bought a new position in SunPower Corp. during the first quarter worth about $207,000. Robecosam AG raised its position in SunPower Corp. by 9.2% in the first quarter. Robecosam AG now owns 248,500 shares of the company’s stock worth $5,591,000 after buying an additional 21,000 shares during the period. Finally, DNB Asset Management AS raised its position in SunPower Corp. by 38.0% in the second quarter. DNB Asset Management AS now owns 2,073,760 shares of the company’s stock worth $32,123,000 after buying an additional 570,958 shares during the period. Hedge funds and other institutional investors own 39.05% of the company’s stock.
About SunPower Corp.
SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements.
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