Truist Initiates Coverage on SunPower (NASDAQ:SPWR)
Investment analysts at Truist initiated coverage on shares of SunPower (NASDAQ:SPWR) in a note issued to investors on Tuesday, The Fly reports. The brokerage set a “hold” rating and a $31.00 price target on the semiconductor company’s stock. Truist’s price target would suggest a potential downside of 1.87% from the stock’s current price.
Several other research firms have also issued reports on SPWR. Barclays increased their price objective on SunPower from $5.00 to $9.00 and gave the stock an “underweight” rating in a research note on Thursday, October 29th. TheStreet cut shares of SunPower from a “c” rating to a “d” rating in a research report on Wednesday, November 4th. Morgan Stanley boosted their price target on shares of SunPower from $10.50 to $11.50 and gave the company an “equal weight” rating in a research report on Tuesday, October 20th. Oppenheimer reaffirmed a “hold” rating on shares of SunPower in a report on Thursday, October 1st. Finally, Credit Suisse Group cut shares of SunPower from an “outperform” rating to a “neutral” rating and lifted their target price for the company from $12.00 to $16.00 in a research note on Monday, October 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. SunPower currently has a consensus rating of “Hold” and a consensus price target of $18.15.
NASDAQ SPWR opened at $31.59 on Tuesday. SunPower has a twelve month low of $4.03 and a twelve month high of $32.86. The company has a quick ratio of 0.69, a current ratio of 1.03 and a debt-to-equity ratio of 12.46. The stock has a market cap of $5.38 billion, a P/E ratio of 1,580.29 and a beta of 2.22. The company’s 50-day simple moving average is $25.26 and its 200 day simple moving average is $16.16.
In related news, insider Vichheka Heang sold 8,000 shares of SunPower stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $17.60, for a total value of $140,800.00. Following the completion of the sale, the insider now directly owns 7,981 shares in the company, valued at $140,465.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Douglas J. Richards sold 69,262 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $16.21, for a total value of $1,122,737.02. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 386,802 shares of company stock worth $6,330,702. Company insiders own 1.11% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sowell Financial Services LLC grew its holdings in SunPower by 73.2% during the 4th quarter. Sowell Financial Services LLC now owns 1,155 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 488 shares during the period. DAVENPORT & Co LLC lifted its stake in shares of SunPower by 4.0% in the 4th quarter. DAVENPORT & Co LLC now owns 12,850 shares of the semiconductor company’s stock valued at $329,000 after purchasing an additional 500 shares during the period. Virtu Financial LLC bought a new position in shares of SunPower in the 3rd quarter worth $1,593,000. Sei Investments Co. grew its stake in shares of SunPower by 124.1% during the third quarter. Sei Investments Co. now owns 47,662 shares of the semiconductor company’s stock worth $596,000 after purchasing an additional 26,397 shares during the period. Finally, Voloridge Investment Management LLC increased its holdings in SunPower by 735.1% in the third quarter. Voloridge Investment Management LLC now owns 294,443 shares of the semiconductor company’s stock valued at $3,683,000 after purchasing an additional 259,184 shares during the last quarter. Institutional investors and hedge funds own 39.29% of the company’s stock.
SunPower Corporation delivers solar solutions worldwide. It operates through SunPower Energy Services and SunPower Technologies segments. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors. It also offers commercial rooftop and ground-mounted solar power systems, and residential mounting systems.
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