SunPower (NASDAQ:SPWR) Shares Down 3.8% Following Analyst Downgrade

Posted by Defense World Staff on Apr 7th, 2023

SunPower Co. (NASDAQ:SPWR – Get Rating)’s share price was down 3.8% during trading on Thursday after Raymond James lowered their price target on the stock from $25.00 to $21.00. Raymond James currently has an outperform rating on the stock. SunPower traded as low as $12.58 and last traded at $12.66. Approximately 1,028,356 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 4,332,038 shares. The stock had previously closed at $13.16.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group upgraded SunPower from a “sell” rating to a “neutral” rating and set a $13.00 target price on the stock in a research note on Thursday, March 30th. Evercore ISI cut their target price on SunPower from $32.00 to $26.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 14th. Capital One Financial restated an “equal weight” rating on shares of SunPower in a research note on Thursday, February 16th. Credit Suisse Group reiterated a “neutral” rating and issued a $15.00 price objective on shares of SunPower in a research note on Thursday, February 16th. Finally, Roth Mkm dropped their price objective on SunPower from $23.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, February 10th. Four investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, SunPower currently has an average rating of “Hold” and an average price target of $18.93.

Insider Activity at SunPower

In other news, CEO Peter Faricy bought 7,500 shares of SunPower stock in a transaction that occurred on Thursday, March 16th. The shares were acquired at an average price of $13.29 per share, with a total value of $99,675.00. Following the completion of the purchase, the chief executive officer now directly owns 177,458 shares in the company, valued at $2,358,416.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.65% of the stock is owned by insiders.

Institutional Trading of SunPower

Several institutional investors have recently added to or reduced their stakes in SPWR. RFP Financial Group LLC purchased a new stake in SunPower during the fourth quarter valued at about $29,000. Focused Wealth Management Inc boosted its holdings in shares of SunPower by 721.3% during the third quarter. Focused Wealth Management Inc now owns 2,505 shares of the semiconductor company’s stock worth $58,000 after purchasing an additional 2,200 shares during the period. National Bank of Canada FI boosted its holdings in shares of SunPower by 72.4% during the third quarter. National Bank of Canada FI now owns 2,620 shares of the semiconductor company’s stock worth $60,000 after purchasing an additional 1,100 shares during the period. US Bancorp DE boosted its holdings in shares of SunPower by 205.7% during the first quarter. US Bancorp DE now owns 4,106 shares of the semiconductor company’s stock worth $88,000 after purchasing an additional 2,763 shares during the period. Finally, Point72 Middle East FZE purchased a new stake in shares of SunPower during the fourth quarter worth about $88,000. 36.07% of the stock is currently owned by hedge funds and other institutional investors.

SunPower Stock Down 3.6 %

The stock’s fifty day moving average price is $14.96 and its two-hundred day moving average price is $18.48. The company has a market capitalization of $2.22 billion, a PE ratio of 48.77, a price-to-earnings-growth ratio of 1.17 and a beta of 1.88.

SunPower Company Profile

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SunPower Corp. engages in the design, manufacture, and delivery of solar panels and systems. The company provides fully integrated solar, storage, and home energy solutions. The company was founded by Thomas L. Dinwoodie, Robert Lorenzini and Richard M. Swanson in April 1985 and is headquartered in Richmond, CA.