Recent Analysts’ Ratings Changes for SunPower (SPWR)

A number of research firms have changed their ratings and price targets for SunPower (NASDAQ: SPWR):

• 4/21/2022 – SunPower had its price target raised by analysts at Piper Sandler from $20.00 to $24.00.
• 4/6/2022 – SunPower was upgraded by analysts at Zacks Investment Research from a “strong sell” rating to a “hold” rating. They now have a $25.00 price target on the stock. According to Zacks, “SunPower remains one of the most forward-integrated solar companies with leading market share and strong backlog. The recent extension of the investment tax credit (ITC) should benefit the company. The company continues to witness strong growth in residential and commercial markets. It expects that its new homes growth rate will exceed 40% over the next few years while its residential customer volume is expected grow by more than 35% in 2022 over 2021. SunPower appears to be well poised to capitalize on the favorable market trends in the battery storage market. However, the extension of the Trump-era tariffs on the import of solar energy equipment from China by the Biden administration poses risk for the company and may significantly reduce its competitive advantage. SunPower shares have underperformed the industry in the past year.”
• 4/5/2022 – SunPower had its price target raised by analysts at Raymond James from $23.00 to $26.00. They now have an “outperform” rating on the stock.
• 4/4/2022 – SunPower had its price target raised by analysts at JPMorgan Chase & Co. from $20.00 to $21.00. They now have an “underweight” rating on the stock.
• 4/4/2022 – SunPower had its price target raised by analysts at The Goldman Sachs Group, Inc. from $15.00 to $20.00. They now have a “neutral” rating on the stock.
• 4/4/2022 – SunPower was upgraded by analysts at Bank of America Co. from an “underperform” rating to a “neutral” rating. They now have a $23.00 price target on the stock, up previously from $13.00.
• 4/1/2022 – SunPower had its “hold” rating reaffirmed by analysts at Morgan Stanley. They now have a $21.00 price target on the stock.
• 4/1/2022 – SunPower had its price target raised by analysts at Robert W. Baird from $20.00 to $24.00. They now have a “buy” rating on the stock.
• 4/1/2022 – SunPower had its price target raised by analysts at Cowen Inc from $18.00 to $20.00.
• 3/31/2022 – SunPower is now covered by analysts at StockNews.com. They set a “sell” rating on the stock.
• 3/14/2022 – SunPower had its price target raised by analysts at Piper Sandler from $19.00 to $20.00. They now have a “neutral” rating on the stock.
• 2/25/2022 – SunPower was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.

SunPower stock opened at $18.47 on Friday. The firm has a 50 day simple moving average of $19.55 and a 200-day simple moving average of $22.51. SunPower Co. has a 1-year low of $14.00 and a 1-year high of $34.61. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.11 and a quick ratio of 1.63. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of -68.40 and a beta of 1.99.

SunPower (NASDAQ:SPWR – Get Rating) last posted its quarterly earnings data on Wednesday, February 16th. The semiconductor company reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.09). The company had revenue of $384.53 million for the quarter, compared to analysts’ expectations of $369.77 million. SunPower had a negative return on equity of 1.80% and a negative net margin of 2.82%. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 EPS. Equities analysts expect that SunPower Co. will post 0.2 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in SunPower by 50.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 48,318 shares of the semiconductor company’s stock valued at $1,038,000 after buying an additional 16,137 shares during the period. Virginia Retirement Systems ET AL boosted its position in SunPower by 57.8% in the 1st quarter. Virginia Retirement Systems ET AL now owns 16,100 shares of the semiconductor company’s stock valued at $346,000 after buying an additional 5,900 shares during the period. Great Valley Advisor Group Inc. boosted its position in SunPower by 69.7% in the 1st quarter. Great Valley Advisor Group Inc. now owns 32,141 shares of the semiconductor company’s stock valued at $690,000 after buying an additional 13,200 shares during the period. Fifth Third Bancorp boosted its position in SunPower by 90.9% in the 1st quarter. Fifth Third Bancorp now owns 4,772 shares of the semiconductor company’s stock valued at $103,000 after buying an additional 2,272 shares during the period. Finally, Green Alpha Advisors LLC boosted its position in SunPower by 9.5% in the 1st quarter. Green Alpha Advisors LLC now owns 97,263 shares of the semiconductor company’s stock valued at $2,089,000 after buying an additional 8,437 shares during the period. 34.82% of the stock is owned by hedge funds and other institutional investors.

SunPower Corporation, a solar technology and energy services provider, offers solar, storage, and home energy solutions to customers primarily in the United States and Canada. It operates through Residential, Light Commercial; Commercial and Industrial Solutions; and Others segments. The company provides solar, storage, and home energy solutions and components through a combination of its third-party installing and non-installing dealer network and resellers, as well as in-house sales team; and turn-key engineering, procurement, and construction services and sale of energy under power purchase agreements.

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