SunPower (NASDAQ:SPWR) Given New $4.00 Price Target at Scotiabank

SunPower (NASDAQ:SPWR) had its target price decreased by analysts at Scotiabank from $6.00 to $4.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “sector perform” rating on the semiconductor company’s stock. Scotiabank’s price objective would indicate a potential upside of 86.48% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Truist Financial decreased their price objective 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. Citigroup decreased their price objective on shares of SunPower from $3.00 to $2.50 and set a “sell” rating for the company in a research report on Thursday, March 28th. Guggenheim lowered shares of SunPower from a “neutral” rating to a “sell” rating in a research note on Friday, February 16th. Mizuho cut their target price on shares of SunPower from $5.00 to $4.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Finally, Raymond James lowered shares of SunPower from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 4th. Ten investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.72.

SunPower Trading Up 7.8 %

Shares of NASDAQ:SPWR traded up $0.16 during trading on Monday, hitting $2.15. 3,136,593 shares of the stock were exchanged, compared to its average volume of 6,924,168. The company has a fifty day moving average price of $2.77 and a two-hundred day moving average price of $3.73. SunPower has a 12-month low of $1.77 and a 12-month high of $13.41. The company has a market cap of $376.15 million, a PE ratio of -1.56 and a beta of 1.73.

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

Institutional Investors Weigh In On SunPower

Large investors have recently made changes to their positions in the company. Schroder Investment Management Group increased its stake in shares of SunPower by 18.8% in 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 purchasing an additional 1,279,226 shares during the period. Vanguard Group Inc. increased its stake in shares of SunPower by 1.6% in the third quarter. Vanguard Group Inc. now owns 9,443,481 shares of the semiconductor company’s stock valued at $58,266,000 after purchasing an additional 145,367 shares during the period. Federated Hermes Inc. increased its stake in shares of SunPower by 193.0% in the fourth quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock valued at $8,250,000 after purchasing an additional 1,125,231 shares during the period. DekaBank Deutsche Girozentrale increased its stake in shares of SunPower by 8.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 61,647 shares of the semiconductor company’s stock valued at $300,000 after purchasing an additional 4,585 shares during the period. Finally, Barclays PLC increased its stake in shares of SunPower by 9.8% in the third quarter. Barclays PLC now owns 52,243 shares of the semiconductor company’s stock valued at $322,000 after purchasing an additional 4,671 shares during the period. Institutional investors and hedge funds own 47.36% of the company’s stock.

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.