SunPower (NASDAQ:SPWR) Downgraded by Evercore ISI

Evercore ISI cut shares of SunPower (NASDAQ:SPWR) from an outperform rating to an inline rating in a report released on Tuesday, MarketBeat reports. The firm currently has $6.00 target price on the semiconductor company’s stock.

A number of other brokerages have also issued reports on SPWR. Raymond James lowered SunPower from an outperform rating to a market perform rating in a research report on Thursday, January 4th. Citigroup lowered their price objective on shares of SunPower from $3.00 to $2.50 and set a sell rating for the company in a research note on Thursday, March 28th. Mizuho dropped their price target on shares of SunPower from $5.00 to $4.00 and set a neutral rating for the company in a research note on Friday, April 19th. Truist Financial reduced their price objective on SunPower from $5.00 to $3.50 and set a hold rating on the stock in a research note on Tuesday, January 23rd. Finally, The Goldman Sachs Group lowered their target price on SunPower from $4.00 to $2.50 and set a sell rating for the company in a research note on Monday, January 22nd. Ten research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to MarketBeat.com, SunPower presently has an average rating of Reduce and an average target price of $4.76.

SunPower Stock Down 8.4 %

SPWR stock opened at $1.96 on Tuesday. SunPower has a 52-week low of $1.76 and a 52-week high of $14.49. The business has a fifty day moving average of $2.90 and a two-hundred day moving average of $3.80. The stock has a market cap of $343.71 million, a price-to-earnings ratio of -1.43 and a beta of 1.73.

SunPower (NASDAQ:SPWR) last issued its quarterly earnings data on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.24). The company had revenue of $356.91 million during the quarter, compared to analysts’ expectations of $364.58 million. SunPower had a negative net margin of 14.15% and a negative return on equity of 40.95%. As a group, sell-side analysts anticipate that SunPower will post -0.74 EPS for the current year.

Hedge Funds Weigh In On SunPower

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Schroder Investment Management Group lifted its position in shares of SunPower by 18.8% during the 3rd quarter. Schroder Investment Management Group now owns 8,082,152 shares of the semiconductor company’s stock worth $49,867,000 after buying an additional 1,279,226 shares during the last quarter. Federated Hermes Inc. lifted its position in SunPower by 193.0% in the fourth quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock valued at $8,250,000 after acquiring an additional 1,125,231 shares during the last quarter. Invesco Ltd. boosted its stake in SunPower by 12.7% in the third quarter. Invesco Ltd. now owns 4,726,404 shares of the semiconductor company’s stock valued at $29,162,000 after acquiring an additional 531,800 shares in the last quarter. SG Americas Securities LLC grew its stake in SunPower by 398.4% during the 3rd quarter. SG Americas Securities LLC now owns 262,470 shares of the semiconductor company’s stock worth $1,619,000 after buying an additional 209,811 shares during the last quarter. Finally, Bank of Nova Scotia purchased a new position in shares of SunPower during the third quarter worth approximately $1,077,000. 47.36% of the stock is owned by institutional investors and hedge funds.

About SunPower

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.