SunPower (NASDAQ:SPWR) Coverage Initiated at StockNews.com

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

SPWR has been the topic of several other reports. Susquehanna dropped their price target on shares of SunPower from $3.00 to $2.50 and set a “neutral” rating on the stock in a research note on Monday, July 15th. The Goldman Sachs Group dropped their price target on shares of SunPower from $2.00 to $0.50 and set a “sell” rating on the stock in a research note on Tuesday, July 23rd. Glj Research reiterated a “sell” rating and issued a $1.61 price target on shares of SunPower in a research note on Tuesday, July 16th. Mizuho downgraded SunPower from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $4.00 to $0.50 in a report on Friday, July 19th. Finally, Citigroup decreased their price objective on SunPower from $2.50 to $0.25 and set a “sell” rating for the company in a report on Friday, July 19th. Twelve investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, SunPower currently has a consensus rating of “Reduce” and a consensus target price of $3.48.

SunPower Price Performance

Shares of SunPower stock opened at $0.12 on Wednesday. The firm has a market capitalization of $21.53 million, a P/E ratio of -0.09 and a beta of 1.86. SunPower has a 52 week low of $0.09 and a 52 week high of $7.77. The firm’s 50 day moving average is $0.31 and its two-hundred day moving average is $1.87.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in SunPower by 0.5% in the first quarter. Vanguard Group Inc. now owns 9,685,251 shares of the semiconductor company’s stock worth $29,056,000 after acquiring an additional 44,479 shares in the last quarter. SG Americas Securities LLC raised its position in SunPower by 530.1% in the second quarter. SG Americas Securities LLC now owns 1,646,592 shares of the semiconductor company’s stock worth $4,874,000 after acquiring an additional 1,385,270 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in SunPower in the second quarter worth $2,084,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in SunPower by 33.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 371,884 shares of the semiconductor company’s stock worth $1,101,000 after acquiring an additional 93,551 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in SunPower by 31.2% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 348,123 shares of the semiconductor company’s stock worth $1,030,000 after acquiring an additional 82,861 shares in the last quarter. Hedge funds and other institutional investors own 47.36% of the company’s stock.

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.