SunPower (NASDAQ:SPWR) Shares Up 15.3%

SunPower Co. (NASDAQ:SPWR) traded up 15.3% during mid-day trading on Wednesday . The stock traded as high as $2.88 and last traded at $2.87. 3,618,466 shares changed hands during trading, a decline of 52% from the average session volume of 7,528,050 shares. The stock had previously closed at $2.49.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Raymond James lowered shares of SunPower from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 4th. Jefferies Financial Group assumed coverage on shares of SunPower in a research note on Friday, December 15th. They issued a “hold” rating and a $5.50 price objective on the stock. Truist Financial dropped their price objective on shares of SunPower from $5.00 to $3.50 and set a “hold” rating on the stock in a research note on Tuesday, January 23rd. StockNews.com raised shares of SunPower to a “sell” rating in a research note on Saturday, December 23rd. Finally, Mizuho lowered their target price on shares of SunPower from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, January 30th. Ten investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, SunPower has a consensus rating of “Hold” and a consensus target price of $5.33.

SunPower Price Performance

The business’s 50-day moving average price is $3.19 and its 200 day moving average price is $4.32.

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

Institutional Investors Weigh In On SunPower

Several hedge funds have recently bought and sold shares of SPWR. US Bancorp DE lifted its holdings in shares of SunPower by 205.7% in the 1st quarter. US Bancorp DE now owns 4,106 shares of the semiconductor company’s stock worth $88,000 after acquiring an additional 2,763 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of SunPower by 86.3% in the second quarter. PNC Financial Services Group Inc. now owns 4,327 shares of the semiconductor company’s stock worth $42,000 after buying an additional 2,005 shares during the period. Point72 Middle East FZE purchased a new position in shares of SunPower in the fourth quarter worth $88,000. Avior Wealth Management LLC purchased a new position in shares of SunPower in the third quarter worth $31,000. Finally, Toroso Investments LLC increased its stake in shares of SunPower by 24.7% in the third quarter. Toroso Investments LLC now owns 5,077 shares of the semiconductor company’s stock worth $117,000 after buying an additional 1,007 shares during the period. 47.36% of the stock is currently owned by institutional investors.

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.