SunPower (NASDAQ:SPWR) Lowered to Inline at Evercore ISI

SunPower (NASDAQ:SPWR) was downgraded by equities researchers at Evercore ISI from an “outperform” rating to an “inline” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $6.00 target price on the semiconductor company’s stock. Evercore ISI’s target price indicates a potential upside of 209.28% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. Raymond James cut SunPower from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 4th. Citigroup cut their price target on SunPower from $3.00 to $2.50 and set a “sell” rating on the stock in a research report on Thursday, March 28th. Guggenheim downgraded SunPower from a “neutral” rating to a “sell” rating in a research report on Friday, February 16th. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $4.00 price target (down from $6.00) on shares of SunPower in a research note on Monday, January 8th. Finally, Truist Financial reduced their price target on shares of SunPower from $5.00 to $3.50 and set a “hold” rating on the stock in a research report on Tuesday, January 23rd. Ten equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to data from MarketBeat, SunPower has an average rating of “Reduce” and an average price target of $4.76.

SunPower Stock Performance

NASDAQ:SPWR opened at $1.94 on Tuesday. The stock has a 50-day simple moving average of $2.90 and a two-hundred day simple moving average of $3.80. SunPower has a 52-week low of $1.77 and a 52-week high of $14.49. The firm has a market capitalization of $340.20 million, a PE ratio of -1.42 and a beta of 1.73.

SunPower (NASDAQ:SPWR) last announced its quarterly earnings data on Thursday, February 15th. The semiconductor company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.24). The business had revenue of $356.91 million during 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%. Equities analysts forecast that SunPower will post -0.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC lifted its holdings in SunPower by 383.0% during the 4th quarter. International Assets Investment Management LLC now owns 5,366 shares of the semiconductor company’s stock worth $26,000 after buying an additional 4,255 shares in the last quarter. Wedmont Private Capital bought a new stake in shares of SunPower during the 1st quarter valued at $30,000. Avior Wealth Management LLC bought a new stake in shares of SunPower during the 3rd quarter valued at $31,000. Exchange Traded Concepts LLC increased its position in shares of SunPower by 53.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 7,296 shares of the semiconductor company’s stock valued at $45,000 after buying an additional 2,537 shares in the last quarter. Finally, First Trust Direct Indexing L.P. acquired a new position in shares of SunPower in the 1st quarter valued at approximately $46,000. 47.36% of the stock is owned by institutional investors and hedge funds.

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.