SunPower Corp (SPWR) Receives $8.91 Consensus Target Price from Analysts

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.

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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 stock traded up $0.32 during midday trading on Friday, hitting $7.98. 1,503,168 shares of the company were exchanged, compared to its average volume of 2,360,651. The firm has a market capitalization of $1,116.61, a PE ratio of -19.46 and a beta of 2.70. The company has a debt-to-equity ratio of 5.05, a quick ratio of 0.91 and a current ratio of 1.23. SunPower has a fifty-two week low of $5.95 and a fifty-two week high of $11.70.

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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About SunPower

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.

Analyst Recommendations for SunPower (NASDAQ:SPWR)

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