SunPower (SPWR) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of SunPower (NASDAQ:SPWR) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “SunPower is gradually shifting its revenue base from solar panel sales to the development of solar projects, power plants and engineering, procurement and construction (EPC) systems. Meanwhile, it remains committed to provide high-performance solar power products to its customers. In the overseas, the company has plans to build six projects in many regions in Mexico with expected delivery dates of 2018 and 2019, and gross margin above 20%. However, rising cost is a major headwind for SunPower, given the constant need to come up with new and innovative technology. Moreover the company underperformed the broader industry in past one year. Also the repealing of the Clean Power Plan is expected to weigh heavily on solar power companies like SunPower.”
Several other equities research analysts have also weighed in on the company. Bank of America began coverage on SunPower in a research report on Saturday. They issued a neutral rating on the stock. BidaskClub lowered SunPower from a buy rating to a hold rating in a research report on Wednesday, December 27th. Robert W. Baird raised SunPower from a neutral rating to an outperform rating and increased their target price for the stock from $7.00 to $10.00 in a research report on Monday, December 11th. ValuEngine lowered SunPower from a hold rating to a sell rating in a report on Friday, December 1st. Finally, Morgan Stanley lowered SunPower from an equal weight rating to an underweight rating and lowered their price target for the company from $7.22 to $6.00 in a report on Wednesday, September 27th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $9.85.
Shares of SunPower (NASDAQ SPWR) traded down $0.14 during midday trading on Tuesday, reaching $8.83. The company’s stock had a trading volume of 2,360,000 shares, compared to its average volume of 3,090,000. SunPower has a 1 year low of $5.84 and a 1 year high of $11.70. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.41 and a quick ratio of 1.02. The firm has a market capitalization of $1,230.00, a price-to-earnings ratio of -2.20 and a beta of 3.16.
SunPower (NASDAQ:SPWR) last issued its earnings results on Thursday, November 2nd. The semiconductor company reported $0.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.39) by $0.60. SunPower had a negative return on equity of 20.81% and a negative net margin of 24.91%. The firm had revenue of $477.20 million for the quarter, compared to analyst estimates of $383.76 million. During the same period last year, the company earned $0.68 earnings per share. The firm’s revenue for the quarter was down 34.6% on a year-over-year basis. equities research analysts predict that SunPower will post -0.77 earnings per share for the current year.
In other news, Director Catherine A. Lesjak sold 23,632 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $7.50, for a total transaction of $177,240.00. Following the transaction, the director now directly owns 55,924 shares of the company’s stock, valued at $419,430. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.92% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Cortland Associates Inc. MO acquired a new position in SunPower during the third quarter worth about $109,000. Oppenheimer & Co. Inc. acquired a new position in SunPower during the third quarter worth about $112,000. HighTower Advisors LLC acquired a new position in SunPower during the second quarter worth about $124,000. WFG Advisors LP grew its holdings in SunPower by 7.6% during the second quarter. WFG Advisors LP now owns 15,550 shares of the semiconductor company’s stock worth $145,000 after acquiring an additional 1,100 shares during the period. Finally, Quantbot Technologies LP grew its holdings in SunPower by 340.9% during the second quarter. Quantbot Technologies LP now owns 15,986 shares of the semiconductor company’s stock worth $149,000 after acquiring an additional 12,360 shares during the period. 25.39% of the stock is currently owned by institutional investors.
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SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.
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