SunPower (NASDAQ:SPWR) Downgraded by Evercore ISI

Evercore ISI downgraded shares of SunPower (NASDAQ:SPWR) from an outperform rating to an inline rating in a research note published on Tuesday morning, Marketbeat reports. Evercore ISI currently has $6.00 price objective on the semiconductor company’s stock.

Other analysts have also recently issued reports about the stock. Guggenheim cut shares of SunPower from a neutral rating to a sell rating in a research note on Friday, February 16th. Susquehanna lowered their target price on shares of SunPower from $4.50 to $3.00 and set a neutral rating for the company in a research note on Friday, April 5th. Citigroup lowered their target price on shares of SunPower from $3.00 to $2.50 and set a sell rating for the company in a research note on Thursday, March 28th. Wells Fargo & Company reaffirmed an underweight rating and issued a $4.00 target price (down from $6.00) on shares of SunPower in a research note on Monday, January 8th. Finally, UBS Group lifted their target price on shares of SunPower from $4.00 to $4.25 and gave the stock a neutral rating in a research note on Friday, February 16th. Ten research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Reduce and an average price target of $4.76.

SunPower Price Performance

Shares of SPWR opened at $1.99 on Tuesday. The firm has a 50 day simple moving average of $2.77 and a 200-day simple moving average of $3.75. SunPower has a 1-year low of $1.77 and a 1-year high of $13.50. The stock has a market cap of $348.97 million, a price-to-earnings ratio of -1.45 and a beta of 1.73.

SunPower (NASDAQ:SPWR) last issued its quarterly earnings data on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.24). SunPower had a negative return on equity of 40.95% and a negative net margin of 14.15%. The business had revenue of $356.91 million for the quarter, compared to analysts’ expectations of $364.58 million. On average, equities analysts expect that SunPower will post -0.74 earnings per share for the current fiscal year.

Institutional Trading of SunPower

A number of institutional investors have recently added to or reduced their stakes in SPWR. International Assets Investment Management LLC boosted its position in SunPower by 383.0% during the 4th quarter. International Assets Investment Management LLC now owns 5,366 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 4,255 shares during the period. Wedmont Private Capital purchased a new stake in SunPower during the 1st quarter worth $30,000. Avior Wealth Management LLC purchased a new stake in SunPower during the 3rd quarter worth $31,000. Exchange Traded Concepts LLC boosted its position in SunPower by 53.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 7,296 shares of the semiconductor company’s stock worth $45,000 after purchasing an additional 2,537 shares during the period. Finally, First Trust Direct Indexing L.P. purchased a new stake in SunPower during the 1st quarter worth $46,000. 47.36% of the stock is owned by hedge funds and other institutional investors.

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.