Brokerages Set SunPower Co. (NASDAQ:SPWR) Price Target at $3.48

Shares of SunPower Co. (NASDAQ:SPWR) have been given an average recommendation of “Strong Sell” by the nineteen analysts that are currently covering the stock, MarketBeat reports. Eleven research analysts have rated the stock with a sell rating and eight have issued a hold rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $3.48.

A number of research analysts have issued reports on the stock. The Goldman Sachs Group cut their target price on shares of SunPower from $2.00 to $0.50 and set a “sell” rating on the stock in a research report on Tuesday, July 23rd. StockNews.com assumed coverage on shares of SunPower in a report on Sunday. They set a “sell” rating for the company. Glj Research reissued a “sell” rating and issued a $1.61 price target on shares of SunPower in a research note on Tuesday, July 16th. Susquehanna decreased their price objective on SunPower from $3.00 to $2.50 and set a “neutral” rating for the company in a research note on Monday, July 15th. Finally, Wolfe Research lowered SunPower from a “peer perform” rating to an “underperform” rating and set a $2.00 target price on the stock. in a research note on Wednesday, May 15th.

SunPower Price Performance

Shares of SPWR opened at $0.12 on Thursday. The stock’s fifty day simple moving average is $1.07 and its 200-day simple moving average is $2.21. The firm has a market capitalization of $21.53 million, a PE ratio of -0.09 and a beta of 1.86. SunPower has a 12-month low of $0.09 and a 12-month high of $7.77.

Institutional Investors Weigh In On SunPower

Several institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. raised its holdings in shares of SunPower by 18.3% in the fourth quarter. Victory Capital Management Inc. now owns 44,956 shares of the semiconductor company’s stock valued at $217,000 after purchasing an additional 6,957 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in SunPower in the 4th quarter valued at $213,000. QRG Capital Management Inc. bought a new stake in SunPower during the 4th quarter worth about $104,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of SunPower by 67.8% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 111,696 shares of the semiconductor company’s stock worth $503,000 after buying an additional 45,145 shares during the last quarter. Finally, IPG Investment Advisors LLC bought a new position in shares of SunPower in the 4th quarter valued at about $483,000. 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.