SunPower Co. (NASDAQ:SPWR) Receives Average Recommendation of “Reduce” from Brokerages

SunPower Co. (NASDAQ:SPWR) has earned a consensus rating of “Reduce” from the twenty research firms that are presently covering the company, MarketBeat Ratings reports. Ten analysts have rated the stock with a sell rating and ten have given a hold rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $4.56.

SPWR has been the subject of several recent analyst reports. The Goldman Sachs Group decreased their price target on SunPower from $2.25 to $2.00 and set a “sell” rating for the company in a research note on Wednesday, June 5th. Susquehanna decreased their price target on SunPower from $4.50 to $3.00 and set a “neutral” rating for the company in a research note on Friday, April 5th. Citigroup decreased their target price on SunPower from $3.00 to $2.50 and set a “sell” rating for the company in a research note on Thursday, March 28th. Wolfe Research downgraded SunPower from a “peer perform” rating to an “underperform” rating and set a $2.00 target price for the company. in a research note on Wednesday, May 15th. Finally, Scotiabank decreased their target price on SunPower from $6.00 to $4.00 and set a “sector perform” rating for the company in a research note on Monday, April 29th.

SunPower Stock Performance

SPWR opened at $2.96 on Friday. The company has a market cap of $519.07 million, a PE ratio of -2.16 and a beta of 1.99. The stock has a 50-day moving average of $2.78 and a 200-day moving average of $3.20. SunPower has a 52-week low of $1.76 and a 52-week high of $12.18.

Hedge Funds Weigh In On SunPower

A number of hedge funds have recently modified their holdings of the stock. Barclays PLC grew its position in SunPower by 9.8% during the 3rd quarter. Barclays PLC now owns 52,243 shares of the semiconductor company’s stock worth $322,000 after acquiring an additional 4,671 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in SunPower by 5.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 681,079 shares of the semiconductor company’s stock valued at $4,202,000 after buying an additional 33,270 shares during the last quarter. Kestra Advisory Services LLC bought a new position in SunPower in the 3rd quarter valued at $76,000. Invesco Ltd. boosted its position in SunPower by 12.7% in the 3rd quarter. Invesco Ltd. now owns 4,726,404 shares of the semiconductor company’s stock valued at $29,162,000 after buying an additional 531,800 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in SunPower by 10.8% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 267,347 shares of the semiconductor company’s stock valued at $1,650,000 after buying an additional 26,148 shares during the last quarter. 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.