SunPower (NASDAQ:SPWR) Downgraded by Cowen
Cowen lowered shares of SunPower (NASDAQ:SPWR) from an outperform rating to a market perform rating in a research note released on Thursday morning, Benzinga reports. The firm currently has $10.00 target price on the semiconductor company’s stock.
Other research analysts also recently issued research reports about the stock. Goldman Sachs Group set a $14.00 price objective on shares of SunPower and gave the company a buy rating in a research report on Friday, November 1st. Zacks Investment Research downgraded shares of SunPower from a hold rating to a sell rating and set a $10.00 price objective on the stock. in a research report on Wednesday, February 5th. Cfra downgraded shares of SunPower from a buy rating to a hold rating in a research report on Wednesday, October 30th. BidaskClub upgraded shares of SunPower from a sell rating to a hold rating in a research report on Friday, January 17th. Finally, Credit Suisse Group lowered their price objective on shares of SunPower from $14.50 to $11.00 and set an outperform rating on the stock in a research report on Friday, November 29th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. SunPower has an average rating of Hold and a consensus target price of $8.93.
Shares of NASDAQ:SPWR traded down $0.48 during trading on Thursday, reaching $8.34. 8,828,736 shares of the stock traded hands, compared to its average volume of 3,830,364. The stock has a 50-day moving average of $8.54 and a two-hundred day moving average of $10.02. SunPower has a 52-week low of $5.75 and a 52-week high of $16.04. The stock has a market cap of $1.19 billion, a P/E ratio of -7.51 and a beta of 2.18.
Hedge funds have recently made changes to their positions in the company. DNB Asset Management AS bought a new stake in shares of SunPower during the 4th quarter valued at $4,125,000. Assenagon Asset Management S.A. bought a new stake in shares of SunPower during the 4th quarter valued at $265,000. Millennium Management LLC grew its stake in SunPower by 14.5% during the third quarter. Millennium Management LLC now owns 566,710 shares of the semiconductor company’s stock valued at $6,216,000 after acquiring an additional 71,894 shares in the last quarter. Voloridge Investment Management LLC grew its stake in SunPower by 31.8% during the third quarter. Voloridge Investment Management LLC now owns 96,726 shares of the semiconductor company’s stock valued at $1,061,000 after acquiring an additional 23,358 shares in the last quarter. Finally, Hennessy Advisors Inc. purchased a new position in SunPower during the fourth quarter valued at $8,368,000. Hedge funds and other institutional investors own 31.60% of the company’s stock.
SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.
Recommended Story: Cash Flow
Receive News & Ratings for SunPower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SunPower and related companies with MarketBeat.com's FREE daily email newsletter.