Mizuho Cuts SunPower (NASDAQ:SPWR) Price Target to $4.00

SunPower (NASDAQ:SPWR) had its price target lowered by Mizuho from $5.00 to $4.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a neutral rating on the semiconductor company’s stock.

A number of other equities research analysts also recently commented on SPWR. Susquehanna dropped their price objective on shares of SunPower from $4.50 to $3.00 and set a neutral rating on the stock in a research report on Friday, April 5th. Guggenheim downgraded shares of SunPower from a neutral rating to a sell rating in a research report on Friday, February 16th. StockNews.com raised shares of SunPower to a sell rating in a research report on Saturday, December 23rd. Citigroup dropped their target price on shares of SunPower from $3.00 to $2.50 and set a sell rating on the stock in a research report on Thursday, March 28th. Finally, Evercore ISI dropped their target price on shares of SunPower from $7.00 to $6.00 and set an outperform rating on the stock in a research report on Tuesday, February 20th. Ten analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $4.76.

SunPower Stock Down 3.2 %

SunPower stock opened at $2.14 on Friday. The firm has a market cap of $375.27 million, a PE ratio of -1.56 and a beta of 1.73. SunPower has a 52-week low of $2.14 and a 52-week high of $14.49. The company’s 50 day moving average is $2.93 and its two-hundred day moving average is $3.83.

SunPower (NASDAQ:SPWR) last announced 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 analysts’ expectations of $364.58 million. On average, equities research analysts anticipate that SunPower will post -0.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SunPower

Several hedge funds have recently added to or reduced their stakes in the business. First Trust Direct Indexing L.P. purchased a new position in SunPower during the 1st quarter valued at about $46,000. Counterpoint Mutual Funds LLC grew its holdings in shares of SunPower by 46.4% during the first quarter. Counterpoint Mutual Funds LLC now owns 64,619 shares of the semiconductor company’s stock worth $194,000 after buying an additional 20,493 shares in the last quarter. Wedmont Private Capital purchased a new stake in shares of SunPower during the first quarter worth about $30,000. Quadrature Capital Ltd purchased a new stake in shares of SunPower during the fourth quarter worth about $762,000. Finally, Virtu Financial LLC purchased a new stake in shares of SunPower during the fourth quarter worth about $294,000. 47.36% of the stock is currently 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.