SunPower (NASDAQ:SPWR) Given New $0.50 Price Target at The Goldman Sachs Group

SunPower (NASDAQ:SPWR) had its price objective trimmed by The Goldman Sachs Group from $2.00 to $0.50 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a sell rating on the semiconductor company’s stock.

SPWR has been the topic of several other reports. Mizuho lowered SunPower from a neutral rating to an underperform rating and dropped their target price for the stock from $4.00 to $0.50 in a research report on Friday, July 19th. Evercore ISI lowered SunPower from an outperform rating to an inline rating and set a $6.00 target price on the stock. in a research report on Tuesday, April 23rd. Citigroup lowered their price target on SunPower from $2.50 to $0.25 and set a sell rating on the stock in a report on Friday, July 19th. Scotiabank lowered their price target on SunPower from $6.00 to $4.00 and set a sector perform rating on the stock in a report on Monday, April 29th. Finally, 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, July 15th. Thirteen investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Reduce and an average target price of $4.05.

SunPower Price Performance

Shares of NASDAQ SPWR opened at $0.97 on Tuesday. SunPower has a 1-year low of $0.50 and a 1-year high of $10.30. The business’s fifty day moving average price is $2.63 and its two-hundred day moving average price is $2.84. The firm has a market capitalization of $169.59 million, a PE ratio of -0.71 and a beta of 1.85.

Institutional Trading of SunPower

Several institutional investors have recently modified their holdings of SPWR. Vanguard Group Inc. boosted its stake in SunPower by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 9,685,251 shares of the semiconductor company’s stock valued at $29,056,000 after buying an additional 44,479 shares in the last quarter. Federated Hermes Inc. raised its position in SunPower by 193.0% in the 4th quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock valued at $8,250,000 after purchasing an additional 1,125,231 shares during the last quarter. SG Americas Securities LLC raised its position in SunPower by 530.1% in the 2nd quarter. SG Americas Securities LLC now owns 1,646,592 shares of the semiconductor company’s stock valued at $4,874,000 after purchasing an additional 1,385,270 shares during the last quarter. Quadrature Capital Ltd raised its position in SunPower by 117.7% in the 1st quarter. Quadrature Capital Ltd now owns 343,628 shares of the semiconductor company’s stock valued at $1,034,000 after purchasing an additional 185,761 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in SunPower by 15.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 315,036 shares of the semiconductor company’s stock valued at $945,000 after purchasing an additional 42,098 shares during the last quarter. Institutional investors and hedge funds own 47.36% of the company’s stock.

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.