SunPower (NASDAQ:SPWR) Price Target Cut to $4.00 by Analysts at Mizuho

SunPower (NASDAQ:SPWR) had its price target lowered by analysts at Mizuho from $5.00 to $4.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s price objective indicates a potential upside of 81.82% from the stock’s previous close.

SPWR has been the subject of a number of other reports. Evercore ISI reduced their target price on shares of SunPower from $7.00 to $6.00 and set an “outperform” rating for the company in a report on Tuesday, February 20th. Raymond James lowered shares of SunPower from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 4th. The Goldman Sachs Group dropped their price target on shares of SunPower from $4.00 to $2.50 and set a “sell” rating for the company in a research report on Monday, January 22nd. Wells Fargo & Company restated an “underweight” rating and set a $4.00 target price (down previously from $6.00) on shares of SunPower in a research report on Monday, January 8th. Finally, Truist Financial decreased their price target on shares of SunPower from $5.00 to $3.50 and set a “hold” rating on the stock in a research note on Tuesday, January 23rd. Ten research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.76.

SunPower Stock Down 2.7 %

SunPower stock traded down $0.06 during trading hours on Friday, hitting $2.20. The stock had a trading volume of 3,102,263 shares, compared to its average volume of 6,953,756. The stock’s 50-day moving average price is $3.00 and its 200-day moving average price is $3.90. SunPower has a 12-month low of $2.19 and a 12-month high of $14.49. The stock has a market capitalization of $385.79 million, a P/E ratio of -1.61 and a beta of 1.73.

SunPower (NASDAQ:SPWR) last released its quarterly earnings data on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.24). SunPower had a negative net margin of 14.15% and a negative return on equity of 40.95%. The company had revenue of $356.91 million for the quarter, compared to analysts’ expectations of $364.58 million. On average, research analysts expect that SunPower will post -0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV boosted its holdings in shares of SunPower by 3.2% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 24,881 shares of the semiconductor company’s stock valued at $573,000 after buying an additional 782 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of SunPower by 6.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 13,966 shares of the semiconductor company’s stock valued at $321,000 after buying an additional 823 shares in the last quarter. Toroso Investments LLC boosted its holdings in shares of SunPower by 24.7% in the 3rd quarter. Toroso Investments LLC now owns 5,077 shares of the semiconductor company’s stock valued at $117,000 after buying an additional 1,007 shares in the last quarter. Prudential Financial Inc. boosted its holdings in shares of SunPower by 11.4% in the 2nd quarter. Prudential Financial Inc. now owns 10,818 shares of the semiconductor company’s stock valued at $164,000 after buying an additional 1,103 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of SunPower by 0.5% in the 4th quarter. Alliancebernstein L.P. now owns 212,391 shares of the semiconductor company’s stock valued at $3,829,000 after buying an additional 1,125 shares in the last quarter. 47.36% of the stock is currently owned by institutional investors.

About SunPower

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.