Mirae Asset Global Investments Co. Ltd. Cuts Stake in SunPower Co. (NASDAQ:SPWR)

Mirae Asset Global Investments Co. Ltd. reduced its holdings in shares of SunPower Co. (NASDAQ:SPWR) by 6.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 175,257 shares of the semiconductor company’s stock after selling 11,753 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.10% of SunPower worth $846,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale increased its position in shares of SunPower by 8.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 61,647 shares of the semiconductor company’s stock valued at $300,000 after purchasing an additional 4,585 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of 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 purchasing an additional 4,255 shares during the last quarter. Green Alpha Advisors LLC increased its position in shares of SunPower by 19.1% in the 4th quarter. Green Alpha Advisors LLC now owns 168,171 shares of the semiconductor company’s stock valued at $812,000 after purchasing an additional 26,944 shares during the last quarter. Vanguard Group Inc. increased its position in shares of SunPower by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 9,443,481 shares of the semiconductor company’s stock valued at $58,266,000 after purchasing an additional 145,367 shares during the last quarter. Finally, Wesbanco Bank Inc. purchased a new stake in shares of SunPower in the 3rd quarter valued at approximately $80,000. 47.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SPWR shares. Evercore ISI downgraded shares of SunPower from an “outperform” rating to an “inline” rating and set a $6.00 price objective on the stock. in a research report on Tuesday. Wells Fargo & Company restated an “underweight” rating and issued a $4.00 target price (down previously from $6.00) on shares of SunPower in a report on Monday, January 8th. Susquehanna lowered their target price on shares of SunPower from $4.50 to $3.00 and set a “neutral” rating for the company in a report on Friday, April 5th. Mizuho lowered their target price on shares of SunPower from $5.00 to $4.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Finally, Citigroup lowered their target price on shares of SunPower from $3.00 to $2.50 and set a “sell” rating for the company in a report on Thursday, March 28th. Ten investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $4.76.

SunPower Price Performance

Shares of NASDAQ:SPWR 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 stock has a market cap of $340.20 million, a P/E ratio of -1.42 and a beta of 1.73. The firm has a fifty day moving average price of $2.90 and a 200 day moving average price of $3.80.

SunPower (NASDAQ:SPWR) last released its earnings results on Thursday, February 15th. The semiconductor company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.24). SunPower had a negative return on equity of 40.95% and a negative net margin of 14.15%. The firm had revenue of $356.91 million during the quarter, compared to analyst estimates of $364.58 million. Sell-side analysts expect that SunPower Co. will post -0.74 EPS for the current fiscal year.

SunPower 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.