SunPower (NASDAQ:SPWR) Cut to Sell at The Goldman Sachs Group

The Goldman Sachs Group cut shares of SunPower (NASDAQ:SPWRGet Rating) from a neutral rating to a sell rating in a research note released on Monday morning, Marketbeat.com reports. They currently have $13.00 price objective on the semiconductor company’s stock, down from their previous price objective of $19.00.

Several other brokerages also recently weighed in on SPWR. Piper Sandler boosted their price target on SunPower from $20.00 to $24.00 in a report on Thursday, April 21st. Robert W. Baird upped their price objective on SunPower from $20.00 to $24.00 and gave the stock a buy rating in a report on Friday, April 1st. Bank of America upgraded SunPower from an underperform rating to a neutral rating and upped their price objective for the stock from $13.00 to $23.00 in a report on Monday, April 4th. JPMorgan Chase & Co. upped their price objective on SunPower from $20.00 to $21.00 and gave the stock an underweight rating in a report on Monday, April 4th. Finally, Cowen upped their price objective on SunPower from $18.00 to $20.00 in a report on Friday, April 1st. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, SunPower presently has an average rating of Hold and a consensus price target of $21.92.

Shares of SunPower stock opened at $16.65 on Monday. The business has a 50 day moving average price of $17.47 and a 200 day moving average price of $18.78. The company has a market capitalization of $2.89 billion, a P/E ratio of -110.99 and a beta of 2.05. SunPower has a 1 year low of $12.78 and a 1 year high of $34.61.

SunPower (NASDAQ:SPWRGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The semiconductor company reported ($0.01) earnings per share for the quarter. The business had revenue of $350.28 million during the quarter, compared to analyst estimates of $317.56 million. SunPower had a negative net margin of 1.23% and a negative return on equity of 3.50%. The company’s revenue was up 45.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 earnings per share. As a group, equities research analysts expect that SunPower will post 0.24 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of the stock. First Trust Advisors LP boosted its holdings in SunPower by 6.7% during the fourth quarter. First Trust Advisors LP now owns 1,512,522 shares of the semiconductor company’s stock worth $31,566,000 after buying an additional 94,519 shares in the last quarter. Geode Capital Management LLC boosted its holdings in SunPower by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 1,486,729 shares of the semiconductor company’s stock worth $31,028,000 after buying an additional 30,253 shares in the last quarter. Northern Trust Corp boosted its holdings in SunPower by 29.2% during the fourth quarter. Northern Trust Corp now owns 1,120,885 shares of the semiconductor company’s stock worth $23,393,000 after buying an additional 253,222 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in SunPower by 203.3% during the first quarter. Goldman Sachs Group Inc. now owns 762,502 shares of the semiconductor company’s stock worth $16,379,000 after buying an additional 511,085 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in SunPower during the first quarter worth approximately $15,318,000. Hedge funds and other institutional investors own 36.61% of the company’s stock.

About SunPower (Get Rating)

SunPower Corporation, a solar technology and energy services provider, offers solar, storage, and home energy solutions to customers primarily in the United States and Canada. It operates through Residential, Light Commercial; Commercial and Industrial Solutions; and Others segments. The company provides solar, storage, and home energy solutions and components through a combination of its third-party installing and non-installing dealer network and resellers, as well as in-house sales team; and turn-key engineering, procurement, and construction services and sale of energy under power purchase agreements.

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Analyst Recommendations for SunPower (NASDAQ:SPWR)

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