Federated Hermes Inc. Acquires 1,125,231 Shares of SunPower Co. (NASDAQ:SPWR)

Federated Hermes Inc. increased its holdings in shares of SunPower Co. (NASDAQ:SPWR) by 193.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,708,133 shares of the semiconductor company’s stock after purchasing an additional 1,125,231 shares during the period. Federated Hermes Inc.’s holdings in SunPower were worth $8,250,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its stake in SunPower by 383.0% in the 4th quarter. International Assets Investment Management LLC now owns 5,366 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 4,255 shares in the last quarter. Avior Wealth Management LLC acquired a new position in SunPower in the 3rd quarter worth about $31,000. Exchange Traded Concepts LLC increased its holdings in SunPower by 53.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 7,296 shares of the semiconductor company’s stock worth $45,000 after purchasing an additional 2,537 shares in the last quarter. Bryn Mawr Capital Management LLC acquired a new position in SunPower in the 3rd quarter worth about $62,000. Finally, abrdn plc acquired a new position in SunPower in the 3rd quarter worth about $62,000. Institutional investors own 47.36% of the company’s stock.

Analyst Upgrades and Downgrades

SPWR has been the subject of several recent analyst reports. Guggenheim cut SunPower from a “neutral” rating to a “sell” rating in a research note on Friday, February 16th. UBS Group lifted their price target on SunPower from $4.00 to $4.25 and gave the stock a “neutral” rating in a report on Friday, February 16th. Raymond James lowered SunPower from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 4th. Susquehanna decreased their price objective on SunPower from $4.50 to $3.00 and set a “neutral” rating on the stock in a research note on Friday, April 5th. Finally, Truist Financial decreased 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. Ten investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $4.76.

SunPower Stock Performance

Shares of SPWR stock opened at $1.94 on Thursday. SunPower Co. has a 1-year low of $1.77 and a 1-year high of $14.49. The business has a 50-day moving average of $2.90 and a 200 day moving average of $3.80.

SunPower (NASDAQ:SPWR) last issued its earnings results on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.24). The company had revenue of $356.91 million for 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, equities analysts anticipate that SunPower Co. will post -0.74 EPS for the current year.

SunPower Company Profile

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.