SunPower Co. (NASDAQ:SPWR) Given Average Recommendation of “Strong Sell” by Brokerages

Shares of SunPower Co. (NASDAQ:SPWR) have earned an average recommendation of “Strong Sell” from the nineteen brokerages that are covering the firm, MarketBeat.com reports. Eleven research analysts have rated the stock with a sell recommendation and eight have assigned a hold recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $3.48.

Several research analysts have recently weighed in on the stock. StockNews.com started coverage on shares of SunPower in a research note on Sunday. They set a “sell” rating on the stock. Wolfe Research downgraded SunPower from a “peer perform” rating to an “underperform” rating and set a $2.00 price target on the stock. in a research report on Wednesday, May 15th. The Goldman Sachs Group cut their price objective on SunPower from $2.00 to $0.50 and set a “sell” rating for the company in a research report on Tuesday, July 23rd. Mizuho lowered SunPower from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $4.00 to $0.50 in a report on Friday, July 19th. Finally, Susquehanna cut their price target on SunPower from $3.00 to $2.50 and set a “neutral” rating for the company in a report on Monday, July 15th.

SunPower Stock Performance

NASDAQ:SPWR opened at $0.12 on Thursday. The stock has a market capitalization of $21.53 million, a PE ratio of -0.09 and a beta of 1.86. SunPower has a 1-year low of $0.09 and a 1-year high of $7.77. The firm has a fifty day simple moving average of $1.07 and a 200 day simple moving average of $2.21.

Hedge Funds Weigh In On SunPower

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPWR. Wedmont Private Capital bought a new position in shares of SunPower in the first quarter worth $30,000. CIBC Asset Management Inc bought a new position in SunPower in the 2nd quarter valued at about $38,000. First Trust Direct Indexing L.P. acquired a new position in shares of SunPower in the 1st quarter valued at approximately $46,000. New Mexico Educational Retirement Board bought a new stake in shares of SunPower during the 1st quarter worth approximately $51,000. Finally, QRG Capital Management Inc. acquired a new stake in shares of SunPower during the 4th quarter worth approximately $104,000. 47.36% of the stock is owned by institutional investors and hedge funds.

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.