SunPower (NASDAQ:SPWR) Reaches New 12-Month Low After Analyst Downgrade

Posted by Defense World Staff on May 4th, 2023

SunPower Co. (NASDAQ:SPWR – Get Rating) shares reached a new 52-week low on Wednesday after Truist Financial lowered their price target on the stock from $18.00 to $15.00. The stock traded as low as $11.26 and last traded at $11.92, with a volume of 2153748 shares. The stock had previously closed at $12.54.

Other research analysts have also issued reports about the stock. Capital One Financial reissued an “equal weight” rating on shares of SunPower in a research note on Thursday, February 16th. The Goldman Sachs Group raised shares of 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. Wells Fargo & Company cut their target price on shares of SunPower from $21.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Friday, February 3rd. Piper Sandler cut their target price on shares of SunPower from $20.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, April 17th. Finally, Janney Montgomery Scott initiated coverage on shares of SunPower in a research note on Thursday, February 9th. They issued a “neutral” rating and a $16.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.00.

Insider Transactions at SunPower

In other news, CEO Peter Faricy acquired 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 16th. The stock was purchased at an average cost of $13.29 per share, for a total transaction of $99,675.00. Following the completion of the acquisition, the chief executive officer now directly owns 177,458 shares of the company’s stock, valued at approximately $2,358,416.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On SunPower

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPWR. MetLife Investment Management LLC boosted its position in SunPower by 0.5% in the third quarter. MetLife Investment Management LLC now owns 95,835 shares of the semiconductor company’s stock valued at $2,208,000 after buying an additional 516 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in SunPower by 5.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 12,304 shares of the semiconductor company’s stock valued at $222,000 after buying an additional 586 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in SunPower by 2.5% in the third quarter. Oregon Public Employees Retirement Fund now owns 24,873 shares of the semiconductor company’s stock valued at $573,000 after buying an additional 618 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in SunPower by 3.2% in the third quarter. Mercer Global Advisors Inc. ADV now owns 24,881 shares of the semiconductor company’s stock valued at $573,000 after buying an additional 782 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its position in SunPower by 0.7% in the fourth quarter. Retirement Systems of Alabama now owns 112,492 shares of the semiconductor company’s stock valued at $2,028,000 after buying an additional 811 shares during the last quarter. Hedge funds and other institutional investors own 36.07% of the company’s stock.

SunPower Stock Down 4.2 %

The stock has a 50-day moving average of $13.78 and a 200 day moving average of $17.18. The stock has a market cap of $2.10 billion, a PE ratio of 46.19, a price-to-earnings-growth ratio of 1.53 and a beta of 1.88.

SunPower (NASDAQ:SPWR – Get Rating) last announced its quarterly earnings results on Wednesday, February 15th. The semiconductor company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $492.42 million during the quarter, compared to the consensus estimate of $494.25 million. SunPower had a return on equity of 7.10% and a net margin of 3.22%. On average, equities analysts anticipate that SunPower Co. will post 0.22 EPS for the current year.

About SunPower

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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.

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