SunPower Corp (NASDAQ:SPWR) has earned a consensus recommendation of “Hold” from the sixteen ratings firms that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $8.91.
SPWR has been the topic of a number of recent analyst reports. BidaskClub lowered SunPower from a “hold” rating to a “sell” rating in a research report on Saturday, January 20th. ValuEngine lowered SunPower from a “hold” rating to a “sell” rating in a research report on Friday, December 1st. Cowen reaffirmed a “buy” rating and issued a $10.00 target price on shares of SunPower in a research report on Thursday, February 15th. Bank of America initiated coverage on SunPower in a research report on Friday, December 22nd. They issued a “neutral” rating and a $10.00 target price on the stock. Finally, Zacks Investment Research lowered SunPower from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd.
Several hedge funds and other institutional investors have recently modified their holdings of SPWR. The Manufacturers Life Insurance Company increased its holdings in shares of SunPower by 1,204.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,609 shares of the semiconductor company’s stock valued at $463,000 after acquiring an additional 45,805 shares during the last quarter. Quantbot Technologies LP increased its holdings in shares of SunPower by 66.4% in the 3rd quarter. Quantbot Technologies LP now owns 26,594 shares of the semiconductor company’s stock valued at $193,000 after acquiring an additional 10,608 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of SunPower in the 3rd quarter valued at approximately $112,000. Legal & General Group Plc increased its holdings in shares of SunPower by 44.1% in the 3rd quarter. Legal & General Group Plc now owns 26,295 shares of the semiconductor company’s stock valued at $192,000 after acquiring an additional 8,050 shares during the last quarter. Finally, Impax Asset Management LTD increased its holdings in shares of SunPower by 13.6% in the 3rd quarter. Impax Asset Management LTD now owns 3,077,896 shares of the semiconductor company’s stock valued at $22,438,000 after acquiring an additional 367,582 shares during the last quarter. Institutional investors and hedge funds own 27.22% of the company’s stock.
SunPower (NASDAQ:SPWR) last announced its earnings results on Wednesday, February 14th. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.34. SunPower had a negative return on equity of 8.74% and a negative net margin of 45.47%. The company had revenue of $824.00 million for the quarter, compared to analyst estimates of $796.62 million. During the same period in the prior year, the company posted ($0.64) EPS. SunPower’s quarterly revenue was down 24.9% on a year-over-year basis. analysts forecast that SunPower will post -1.29 earnings per share for the current fiscal year.
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SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.
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