SunPower (NASDAQ:SPWR) Price Target Cut to $2.50

SunPower (NASDAQ:SPWR) had its price objective reduced by equities researchers at Citigroup from $3.00 to $2.50 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “sell” rating on the semiconductor company’s stock. Citigroup’s target price points to a potential downside of 15.54% from the stock’s current price.

A number of other research firms have also recently commented on SPWR. Susquehanna lifted their price target on SunPower from $4.00 to $4.50 and gave the stock a “neutral” rating in a report on Friday, February 16th. StockNews.com upgraded SunPower to a “sell” rating in a report on Saturday, December 23rd. Truist Financial dropped their price target on shares of SunPower from $5.00 to $3.50 and set a “hold” rating for the company in a research report on Tuesday, January 23rd. Raymond James downgraded shares of SunPower from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 4th. Finally, UBS Group lifted their price target on shares of SunPower from $4.00 to $4.25 and gave the company a “neutral” rating in a research report on Friday, February 16th. Ten equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.33.

SunPower Stock Up 3.1 %

SunPower stock traded up $0.09 during mid-day trading on Thursday, hitting $2.96. 1,387,442 shares of the company’s stock were exchanged, compared to its average volume of 7,521,018. The firm has a market capitalization of $519.07 million, a P/E ratio of -2.20 and a beta of 1.74. SunPower has a fifty-two week low of $2.49 and a fifty-two week high of $14.92. The company’s 50 day simple moving average is $3.19 and its 200-day simple moving average is $4.33.

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 analyst estimates of $364.58 million. SunPower had a negative net margin of 14.15% and a negative return on equity of 40.95%. Research analysts expect that SunPower will post -0.74 EPS for the current year.

Institutional Trading of SunPower

Several large investors have recently made changes to their positions in SPWR. US Bancorp DE grew its stake in shares of SunPower by 205.7% in the 1st quarter. US Bancorp DE now owns 4,106 shares of the semiconductor company’s stock valued at $88,000 after buying an additional 2,763 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in SunPower by 13.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 12,200 shares of the semiconductor company’s stock valued at $262,000 after acquiring an additional 1,479 shares in the last quarter. Cetera Advisor Networks LLC bought a new position in SunPower in the 1st quarter valued at about $209,000. PNC Financial Services Group Inc. lifted its position in SunPower by 66.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,469 shares of the semiconductor company’s stock valued at $96,000 after acquiring an additional 1,792 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in SunPower by 7.5% in the 1st quarter. Bank of Montreal Can now owns 29,987 shares of the semiconductor company’s stock valued at $628,000 after acquiring an additional 2,090 shares in the last quarter. 47.36% of the stock is currently owned by institutional investors and hedge funds.

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.