StockNews.com assumed coverage on shares of SunPower (NASDAQ:SPWR – Free Report) in a research note issued to investors on Tuesday morning. The brokerage issued a sell rating on the semiconductor company’s stock.
A number of other brokerages have also commented on SPWR. Susquehanna reduced their price target on shares of SunPower from $3.00 to $2.50 and set a neutral rating for the company in a research note on Monday, July 15th. Glj Research reaffirmed a sell rating and issued a $1.61 target price on shares of SunPower in a research report on Tuesday, July 16th. Mizuho cut SunPower from a neutral rating to an underperform rating and lowered their price target for the company from $4.00 to $0.50 in a report on Friday, July 19th. Citigroup cut their price objective on SunPower from $2.50 to $0.25 and set a sell rating for the company in a report on Friday, July 19th. Finally, The Goldman Sachs Group lowered their target price on SunPower from $2.00 to $0.50 and set a sell rating on the stock in a report on Tuesday, July 23rd. Twelve research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Reduce and a consensus price target of $3.48.
Check Out Our Latest Stock Analysis on SPWR
SunPower Price Performance
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of SunPower by 0.5% in the first quarter. Vanguard Group Inc. now owns 9,685,251 shares of the semiconductor company’s stock valued at $29,056,000 after acquiring an additional 44,479 shares in the last quarter. SG Americas Securities LLC lifted its holdings in SunPower by 530.1% in the 2nd quarter. SG Americas Securities LLC now owns 1,646,592 shares of the semiconductor company’s stock worth $4,874,000 after purchasing an additional 1,385,270 shares in the last quarter. Point72 Asset Management L.P. bought a new position in SunPower in the 2nd quarter worth approximately $2,084,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in SunPower by 33.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 371,884 shares of the semiconductor company’s stock valued at $1,101,000 after buying an additional 93,551 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of SunPower by 31.2% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 348,123 shares of the semiconductor company’s stock valued at $1,030,000 after buying an additional 82,861 shares during the last quarter. Institutional investors 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.
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