SunPower (NASDAQ:SPWR) Coverage Initiated at StockNews.com

Research analysts at StockNews.com initiated coverage on shares of SunPower (NASDAQ:SPWR) in a research report issued on Saturday. The firm set a “sell” rating on the semiconductor company’s stock.

SPWR has been the subject of several other reports. Citigroup dropped their price target on SunPower from $2.50 to $0.25 and set a “sell” rating on the stock in a research report on Friday, July 19th. The Goldman Sachs Group dropped their target price on SunPower from $2.00 to $0.50 and set a “sell” rating on the stock in a report on Tuesday, July 23rd. Susquehanna reduced their price target on SunPower from $3.00 to $2.50 and set a “neutral” rating for the company in a report on Monday, July 15th. Wolfe Research cut shares of SunPower from a “peer perform” rating to an “underperform” rating and set a $2.00 price target on the stock. in a research note on Wednesday, May 15th. Finally, Mizuho downgraded shares of SunPower from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $4.00 to $0.50 in a research report on Friday, July 19th. Twelve research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $3.48.

SunPower Price Performance

Shares of NASDAQ SPWR opened at $0.12 on Friday. SunPower has a 1 year low of $0.09 and a 1 year high of $7.77. The firm has a 50-day moving average of $1.38 and a 200 day moving average of $2.37. The stock has a market cap of $21.53 million, a P/E ratio of -0.09 and a beta of 1.86.

Institutional Investors Weigh In On SunPower

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of SunPower by 0.5% in the first quarter. Vanguard Group Inc. now owns 9,685,251 shares of the semiconductor company’s stock worth $29,056,000 after buying an additional 44,479 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of SunPower by 530.1% during the 2nd quarter. SG Americas Securities LLC now owns 1,646,592 shares of the semiconductor company’s stock worth $4,874,000 after acquiring an additional 1,385,270 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of SunPower during the 2nd quarter valued at $2,084,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of SunPower by 33.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 371,884 shares of the semiconductor company’s stock worth $1,101,000 after purchasing an additional 93,551 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in SunPower by 31.2% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 348,123 shares of the semiconductor company’s stock worth $1,030,000 after purchasing an additional 82,861 shares during the period. 47.36% of the stock is currently owned by institutional investors.

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.