SunPower (NASDAQ:SPWR) Receives New Coverage from Analysts at StockNews.com

Research analysts at StockNews.com initiated coverage on shares of SunPower (NASDAQ:SPWR) in a research note issued on Monday. The brokerage set a “sell” rating on the semiconductor company’s stock.

A number of other research analysts have also recently commented on SPWR. Mizuho cut shares of SunPower from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $4.00 to $0.50 in a research report on Friday, July 19th. The Goldman Sachs Group cut their target price on shares of SunPower from $2.00 to $0.50 and set a “sell” rating on the stock in a report on Tuesday, July 23rd. Susquehanna cut their target price on shares of SunPower from $3.00 to $2.50 and set a “neutral” rating on the stock in a report on Monday, July 15th. Citigroup cut their target price on shares of SunPower from $2.50 to $0.25 and set a “sell” rating on the stock in a report on Friday, July 19th. Finally, Glj Research restated a “sell” rating and issued a $1.61 target price on shares of SunPower in a report on Tuesday, July 16th. Twelve investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat.com, SunPower has a consensus rating of “Reduce” and an average target price of $3.48.

SunPower Price Performance

Shares of NASDAQ SPWR opened at $0.12 on Monday. SunPower has a one year low of $0.09 and a one year high of $7.77. The firm’s 50 day simple moving average is $0.86 and its two-hundred day simple moving average is $2.11. The stock has a market capitalization of $21.53 million, a P/E ratio of -0.09 and a beta of 1.86.

Hedge Funds Weigh In On SunPower

Several large investors have recently modified their holdings of SPWR. Wedmont Private Capital purchased a new stake in SunPower in the 1st quarter worth approximately $30,000. CIBC Asset Management Inc bought a new position in SunPower in the 2nd quarter worth approximately $38,000. First Trust Direct Indexing L.P. bought a new position in SunPower in the 1st quarter worth approximately $46,000. QRG Capital Management Inc. bought a new position in SunPower in the 4th quarter worth approximately $104,000. Finally, Intech Investment Management LLC bought a new position in SunPower in the 2nd quarter worth approximately $159,000. Hedge funds and other institutional investors own 47.36% of the company’s stock.

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.