StockNews.com Begins Coverage on SunPower (NASDAQ:SPWR)

StockNews.com began coverage on shares of SunPower (NASDAQ:SPWR) in a report issued on Monday morning. The firm issued a sell rating on the semiconductor company’s stock.

A number of other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group cut their price objective on shares of SunPower from $2.00 to $0.50 and set a sell rating for the company in a research report on Tuesday, July 23rd. Glj Research reissued a sell rating and set a $1.61 price target on shares of SunPower in a report on Tuesday, July 16th. Mizuho downgraded SunPower from a neutral rating to an underperform rating and decreased their price objective for the stock from $4.00 to $0.50 in a research note on Friday, July 19th. Citigroup reduced their target price on shares of SunPower from $2.50 to $0.25 and set a sell rating for the company in a report on Friday, July 19th. Finally, Susquehanna lowered their price target on shares of SunPower from $3.00 to $2.50 and set a neutral rating on the stock in a report on Monday, July 15th. Twelve investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat.com, SunPower has a consensus rating of Reduce and a consensus target price of $3.48.

SunPower Stock Performance

SPWR opened at $0.12 on Monday. The company’s 50 day moving average is $0.72 and its 200 day moving average is $2.06. The company has a market cap of $21.53 million, a price-to-earnings ratio of -0.09 and a beta of 1.86. SunPower has a 12-month low of $0.09 and a 12-month high of $7.77.

Institutional Trading of SunPower

Several hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. raised its position in SunPower by 18.3% during the fourth quarter. Victory Capital Management Inc. now owns 44,956 shares of the semiconductor company’s stock valued at $217,000 after purchasing an additional 6,957 shares during the period. Wedmont Private Capital bought a new stake in SunPower in the first quarter worth $30,000. CIBC Asset Management Inc purchased a new position in SunPower during the second quarter worth $38,000. First Trust Direct Indexing L.P. bought a new stake in shares of SunPower in the 1st quarter worth about $46,000. Finally, Quantbot Technologies LP raised its position in SunPower by 16.4% in the 1st quarter. Quantbot Technologies LP now owns 124,096 shares of the semiconductor company’s stock worth $372,000 after purchasing an additional 17,464 shares during the period. 47.36% of the stock is currently owned by hedge funds and other institutional investors.

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.