Citigroup Lowers SunPower (NASDAQ:SPWR) Price Target to $2.50

SunPower (NASDAQ:SPWR) had its price target reduced by stock analysts at Citigroup from $3.00 to $2.50 in a report released on Thursday, Benzinga reports. The brokerage currently has a “sell” rating on the semiconductor company’s stock. Citigroup’s price target would indicate a potential downside of 15.54% from the stock’s current price.

SPWR has been the subject of several other research reports. StockNews.com raised SunPower to a “sell” rating in a research report on Saturday, December 23rd. The Goldman Sachs Group cut their target price on SunPower from $4.00 to $2.50 and set a “sell” rating on the stock in a research note on Monday, January 22nd. Raymond James cut SunPower from an “outperform” rating to a “market perform” rating in a report on Thursday, January 4th. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $4.00 target price (down from $6.00) on shares of SunPower in a report on Monday, January 8th. Finally, Guggenheim cut SunPower from a “neutral” rating to a “sell” rating in a report on Friday, February 16th. Ten analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.33.

SunPower Stock Up 3.1 %

Shares of NASDAQ SPWR traded up $0.09 during midday trading on Thursday, reaching $2.96. The company had a trading volume of 1,387,442 shares, compared to its average volume of 7,521,018. The firm’s fifty day moving average price is $3.19 and its 200-day moving average price is $4.33. The stock has a market cap of $519.07 million, a PE ratio of -2.20 and a beta of 1.74. SunPower has a one year low of $2.49 and a one year high of $14.92.

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

Hedge Funds Weigh In On SunPower

Hedge funds have recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV lifted its position in SunPower by 3.2% in the third quarter. Mercer Global Advisors Inc. ADV now owns 24,881 shares of the semiconductor company’s stock valued at $573,000 after acquiring an additional 782 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of SunPower by 6.3% in the third quarter. Commonwealth Equity Services LLC now owns 13,966 shares of the semiconductor company’s stock valued at $321,000 after buying an additional 823 shares during the last quarter. Toroso Investments LLC raised its holdings 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 valued at $117,000 after buying an additional 1,007 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of SunPower by 11.4% during the second quarter. Prudential Financial Inc. now owns 10,818 shares of the semiconductor company’s stock worth $164,000 after acquiring an additional 1,103 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of SunPower by 0.5% during the fourth quarter. Alliancebernstein L.P. now owns 212,391 shares of the semiconductor company’s stock worth $3,829,000 after acquiring an additional 1,125 shares during the period. 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.