SunPower (NASDAQ:SPWR) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of SunPower (NASDAQ:SPWR) from an underweight rating to an equal weight rating in a research note published on Friday, Benzinga reports.

Several other equities analysts also recently commented on SPWR. Barclays increased their target price on shares of SunPower from $2.50 to $5.00 and gave the stock an underweight rating in a research report on Wednesday, July 22nd. Oppenheimer initiated coverage on shares of SunPower in a research report on Thursday, August 6th. They set a hold rating on the stock. ValuEngine raised shares of SunPower from a hold rating to a buy rating in a research report on Friday, June 19th. Credit Suisse Group lowered their target price on shares of SunPower from $13.00 to $12.00 and set an outperform rating on the stock in a research report on Monday, August 31st. Finally, Raymond James reaffirmed a hold rating on shares of SunPower in a research report on Friday, August 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. SunPower presently has an average rating of Hold and an average price target of $9.23.

Shares of NASDAQ:SPWR opened at $10.03 on Friday. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 12.46. SunPower has a 1 year low of $4.03 and a 1 year high of $15.47. The business has a fifty day simple moving average of $11.29 and a 200 day simple moving average of $8.32. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 501.75 and a beta of 2.35.

SunPower (NASDAQ:SPWR) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.48) by $0.26. The firm had revenue of $352.91 million for the quarter, compared to analysts’ expectations of $314.85 million. On average, sell-side analysts forecast that SunPower will post -0.69 EPS for the current year.

In other SunPower news, insider Vichheka Heang sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the transaction, the insider now owns 15,981 shares in the company, valued at $196,406.49. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas H. Werner sold 80,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $13.00, for a total transaction of $1,040,000.00. Following the transaction, the chief executive officer now owns 680,342 shares of the company’s stock, valued at approximately $8,844,446. The disclosure for this sale can be found here. Over the last three months, insiders have sold 170,000 shares of company stock worth $2,141,300. 1.11% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in SPWR. Raymond James & Associates lifted its stake in SunPower by 14.0% during the first quarter. Raymond James & Associates now owns 38,869 shares of the semiconductor company’s stock worth $197,000 after purchasing an additional 4,775 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of SunPower by 12.3% in the first quarter. Janney Montgomery Scott LLC now owns 39,631 shares of the semiconductor company’s stock valued at $201,000 after acquiring an additional 4,351 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of SunPower by 111.5% in the first quarter. SG Americas Securities LLC now owns 36,345 shares of the semiconductor company’s stock valued at $184,000 after acquiring an additional 19,161 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of SunPower by 14.6% in the first quarter. Victory Capital Management Inc. now owns 14,877 shares of the semiconductor company’s stock valued at $75,000 after acquiring an additional 1,892 shares during the last quarter. Finally, American International Group Inc. raised its stake in shares of SunPower by 11.4% in the first quarter. American International Group Inc. now owns 43,901 shares of the semiconductor company’s stock valued at $223,000 after acquiring an additional 4,509 shares during the last quarter. Hedge funds and other institutional investors own 39.29% of the company’s stock.

SunPower Company Profile

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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Analyst Recommendations for SunPower (NASDAQ:SPWR)

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