Allspring Global Investments Holdings LLC trimmed its position in shares of SunPower Co. (NASDAQ:SPWR – Free Report) by 29.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,706 shares of the semiconductor company’s stock after selling 3,555 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in SunPower were worth $85,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in SPWR. US Bancorp DE increased its stake in shares of SunPower by 108.8% during the first quarter. US Bancorp DE now owns 2,376 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 1,238 shares during the period. AXS Investments LLC acquired a new position in SunPower during the first quarter worth about $38,000. Point72 Middle East FZE acquired a new position in SunPower during the fourth quarter worth about $88,000. PNC Financial Services Group Inc. grew its position 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 during the period. Finally, Toroso Investments LLC grew its position in SunPower by 24.7% during the third quarter. Toroso Investments LLC now owns 5,077 shares of the semiconductor company’s stock worth $117,000 after buying an additional 1,007 shares during the period. 47.36% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the stock. Raymond James lowered their target price on shares of SunPower from $9.00 to $6.00 and set an “outperform” rating on the stock in a research report on Thursday, November 2nd. TheStreet lowered shares of SunPower from a “c-” rating to a “d” rating in a research report on Wednesday, November 1st. Susquehanna lowered their price target on shares of SunPower from $8.00 to $5.50 and set a “positive” rating on the stock in a research report on Thursday, November 2nd. BNP Paribas initiated coverage on shares of SunPower in a research report on Friday, October 20th. They issued an “underperform” rating and a $4.00 price target on the stock. Finally, Robert W. Baird lowered shares of SunPower from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $24.00 to $12.00 in a research report on Thursday, July 27th. Seven analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $8.76.
SunPower Stock Performance
NASDAQ:SPWR opened at $4.33 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.66 and a debt-to-equity ratio of 0.70. The company has a market cap of $758.57 million, a P/E ratio of -6.98 and a beta of 1.93. SunPower Co. has a fifty-two week low of $3.68 and a fifty-two week high of $24.97. The firm’s 50 day moving average is $5.42 and its two-hundred day moving average is $8.24.
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.
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