Credit Suisse AG Sells 357,556 Shares of SunPower Co. (NASDAQ:SPWR)

Posted by Defense World Staff on Jun 8th, 2023

Credit Suisse AG cut its stake in shares of SunPower Co. (NASDAQ:SPWR – Get Rating) by 22.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,265,759 shares of the semiconductor company’s stock after selling 357,556 shares during the period. Credit Suisse AG owned 0.73% of SunPower worth $22,822,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SPWR. RFP Financial Group LLC bought a new stake in shares of SunPower in the fourth quarter valued at approximately $29,000. US Bancorp DE lifted its position in 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. PNC Financial Services Group Inc. grew its stake in SunPower by 66.9% during the first quarter. PNC Financial Services Group Inc. now owns 4,469 shares of the semiconductor company’s stock worth $96,000 after buying an additional 1,792 shares in the last quarter. Toroso Investments LLC increased its holdings in SunPower by 24.7% in the 3rd quarter. Toroso Investments LLC now owns 5,077 shares of the semiconductor company’s stock valued at $117,000 after buying an additional 1,007 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new position in shares of SunPower in the 3rd quarter valued at approximately $161,000. 36.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Credit Suisse Group reiterated a “neutral” rating and issued a $15.00 target price on shares of SunPower in a research report on Thursday, February 16th. StockNews.com began coverage on shares of SunPower in a research report on Thursday, May 18th. They set a “sell” rating on the stock. Raymond James dropped their price target on shares of SunPower from $25.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, April 5th. Barclays lowered their price objective on SunPower from $18.00 to $15.00 in a research report on Tuesday, April 18th. Finally, Robert W. Baird reduced their price objective on shares of SunPower from $26.00 to $24.00 in a research note on Thursday, May 4th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.82.

SunPower Stock Performance

Shares of NASDAQ:SPWR opened at $11.22 on Thursday. SunPower Co. has a 52 week low of $9.37 and a 52 week high of $28.42. The stock has a market capitalization of $1.96 billion, a P/E ratio of 86.31, a PEG ratio of 3.22 and a beta of 1.89. The firm has a fifty day simple moving average of $12.08 and a two-hundred day simple moving average of $15.76. The company has a quick ratio of 0.88, a current ratio of 1.44 and a debt-to-equity ratio of 0.31.

SunPower 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.