SunPower (NASDAQ:SPWR) Stock Price Down 2.3%

SunPower Co. (NASDAQ:SPWR)’s stock price fell 2.3% during trading on Friday . The stock traded as low as $2.94 and last traded at $2.96. 415,447 shares were traded during mid-day trading, a decline of 95% from the average session volume of 9,077,629 shares. The stock had previously closed at $3.03.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. The Goldman Sachs Group dropped their target price on shares of SunPower from $2.25 to $2.00 and set a “sell” rating on the stock in a research report on Wednesday, June 5th. Wolfe Research lowered SunPower from a “peer perform” rating to an “underperform” rating and set a $2.00 target price for the company. in a research report on Wednesday, May 15th. Scotiabank cut their price target on shares of SunPower from $6.00 to $4.00 and set a “sector perform” rating on the stock in a report on Monday, April 29th. Mizuho decreased their price objective on shares of SunPower from $5.00 to $4.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Finally, Citigroup reduced their target price on shares of SunPower from $3.00 to $2.50 and set a “sell” rating for the company in a research report on Thursday, March 28th. Eleven analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat.com, SunPower has a consensus rating of “Reduce” and a consensus price target of $4.56.

SunPower Price Performance

The company has a market cap of $519.07 million, a P/E ratio of -2.16 and a beta of 1.99. The company has a 50 day moving average of $2.78 and a 200-day moving average of $3.20.

Institutional Investors Weigh In On SunPower

Several hedge funds have recently bought and sold shares of SPWR. Schroder Investment Management Group boosted its holdings in shares of SunPower by 18.8% in the 3rd quarter. Schroder Investment Management Group now owns 8,082,152 shares of the semiconductor company’s stock worth $49,867,000 after purchasing an additional 1,279,226 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of SunPower by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 9,443,481 shares of the semiconductor company’s stock valued at $58,266,000 after purchasing an additional 145,367 shares during the last quarter. Wedmont Private Capital purchased a new position in SunPower in the 1st quarter worth $30,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in SunPower by 67.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 111,696 shares of the semiconductor company’s stock worth $503,000 after purchasing an additional 45,145 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in SunPower by 193.0% during the fourth quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock valued at $8,250,000 after buying an additional 1,125,231 shares during the period. 47.36% of the stock is currently owned by institutional investors.

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.