SunPower (NASDAQ:SPWR) Price Target Cut to $2.00 by Analysts at The Goldman Sachs Group

SunPower (NASDAQ:SPWRFree Report) had its target price trimmed by The Goldman Sachs Group from $2.25 to $2.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a sell rating on the semiconductor company’s stock.

Other equities analysts have also issued research reports about the stock. 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 report on Friday, April 19th. Guggenheim downgraded shares of SunPower from a neutral rating to a sell rating in a research note on Friday, February 16th. Citigroup decreased 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. Evercore ISI downgraded shares of SunPower from an outperform rating to an inline rating and set a $6.00 price objective for the company. in a research note on Tuesday, April 23rd. Finally, UBS Group boosted their price objective on shares of SunPower from $4.00 to $4.25 and gave the stock a neutral rating in a research note on Friday, February 16th. Eleven analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Reduce and a consensus price target of $4.56.

Read Our Latest Stock Report on SunPower

SunPower Stock Performance

Shares of SPWR stock opened at $3.25 on Wednesday. SunPower has a one year low of $1.76 and a one year high of $12.18. The company has a 50 day moving average price of $2.65 and a 200 day moving average price of $3.38. The firm has a market capitalization of $569.92 million, a price-to-earnings ratio of -2.37 and a beta of 1.99.

Institutional Trading of SunPower

Several institutional investors have recently added to or reduced their stakes in SPWR. Victory Capital Management Inc. raised its holdings in SunPower by 54.0% in the third quarter. Victory Capital Management Inc. now owns 37,999 shares of the semiconductor company’s stock valued at $234,000 after acquiring an additional 13,330 shares in the last quarter. abrdn plc acquired a new stake in SunPower in the third quarter valued at $62,000. Barclays PLC raised its holdings in SunPower by 9.8% in the third quarter. Barclays PLC now owns 52,243 shares of the semiconductor company’s stock valued at $322,000 after acquiring an additional 4,671 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in SunPower by 5.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 681,079 shares of the semiconductor company’s stock valued at $4,202,000 after acquiring an additional 33,270 shares in the last quarter. Finally, Pathstone Family Office LLC raised its holdings in SunPower by 18.7% in the third quarter. Pathstone Family Office LLC now owns 53,994 shares of the semiconductor company’s stock valued at $333,000 after acquiring an additional 8,517 shares in the last quarter. 47.36% of the stock is owned by institutional investors and hedge funds.

About SunPower

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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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