SunPower’s (SPWR) “Sell” Rating Reaffirmed at Glj Research

SunPower (NASDAQ:SPWR)‘s stock had its “sell” rating reissued by investment analysts at Glj Research in a note issued to investors on Tuesday, Benzinga reports. They currently have a $1.61 price objective on the semiconductor company’s stock. Glj Research’s price objective indicates a potential downside of 39.02% from the company’s current price.

A number of other equities research analysts have also recently commented on SPWR. Scotiabank cut their target price on SunPower from $6.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Monday, April 29th. Mizuho lowered their price target on SunPower from $5.00 to $4.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Susquehanna lowered their price target on SunPower from $3.00 to $2.50 and set a “neutral” rating on the stock in a report on Monday. The Goldman Sachs Group lowered their target price on SunPower from $2.25 to $2.00 and set a “sell” rating on the stock in a report on Wednesday, June 5th. Finally, Citigroup lowered their target price on SunPower from $3.00 to $2.50 and set a “sell” rating on the stock in a report on Thursday, March 28th. Twelve analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat.com, SunPower has an average rating of “Reduce” and an average price target of $4.40.

SunPower Stock Up 5.6 %

Shares of SPWR traded up $0.14 during mid-day trading on Tuesday, hitting $2.64. 3,668,053 shares of the company’s stock traded hands, compared to its average volume of 8,956,305. SunPower has a 1 year low of $1.76 and a 1 year high of $12.18. The firm has a market capitalization of $462.95 million, a P/E ratio of -1.91 and a beta of 1.86. The business’s 50-day moving average price is $2.87 and its 200-day moving average price is $2.99.

Institutional Investors Weigh In On SunPower

Large investors have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC purchased a new stake in shares of SunPower in the first quarter valued at approximately $932,000. Vanguard Group Inc. grew its position in SunPower by 1.6% in the third quarter. Vanguard Group Inc. now owns 9,443,481 shares of the semiconductor company’s stock worth $58,266,000 after acquiring an additional 145,367 shares during the period. Wedmont Private Capital purchased a new position in SunPower in the first quarter worth approximately $30,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in SunPower by 67.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 111,696 shares of the semiconductor company’s stock worth $503,000 after acquiring an additional 45,145 shares during the period. Finally, Federated Hermes Inc. lifted its stake in SunPower by 193.0% during the fourth quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock worth $8,250,000 after purchasing an additional 1,125,231 shares in the last quarter. 47.36% of the stock is currently owned by hedge funds and other 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.