SunPower (NASDAQ:SPWR) Now Covered by StockNews.com

Equities researchers at StockNews.com started coverage on shares of SunPower (NASDAQ:SPWR) in a research report issued to clients and investors on Monday. The brokerage set a “sell” rating on the semiconductor company’s stock.

Other equities analysts also recently issued research reports about the stock. Citigroup dropped their price objective on shares of SunPower from $2.50 to $0.25 and set a “sell” rating on the stock in a report on Friday, July 19th. Glj Research reissued a “sell” rating and set a $1.61 price objective on shares of SunPower in a research report on Tuesday, July 16th. Susquehanna decreased their target price on SunPower from $3.00 to $2.50 and set a “neutral” rating on the stock in a report on Monday, July 15th. Mizuho lowered SunPower from a “neutral” rating to an “underperform” rating and cut their price target for the company from $4.00 to $0.50 in a report on Friday, July 19th. Finally, The Goldman Sachs Group reduced their price target on SunPower from $2.00 to $0.50 and set a “sell” rating for the company in a research report on Tuesday, July 23rd. Twelve analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $3.48.

SunPower Stock Performance

Shares of NASDAQ:SPWR opened at $0.12 on Monday. The stock’s 50-day simple moving average is $0.81 and its two-hundred day simple moving average is $2.09. The stock has a market capitalization of $21.53 million, a price-to-earnings ratio of -0.09 and a beta of 1.86. SunPower has a 52-week low of $0.09 and a 52-week high of $7.77.

Hedge Funds Weigh In On SunPower

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its position in shares of SunPower by 18.3% during the 4th quarter. Victory Capital Management Inc. now owns 44,956 shares of the semiconductor company’s stock valued at $217,000 after acquiring an additional 6,957 shares during the last quarter. QRG Capital Management Inc. purchased a new stake in SunPower during the fourth quarter valued at $104,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in SunPower by 67.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 111,696 shares of the semiconductor company’s stock valued at $503,000 after purchasing an additional 45,145 shares during the last quarter. IPG Investment Advisors LLC purchased a new position in shares of SunPower in the 4th quarter worth $483,000. Finally, Olympiad Research LP bought a new stake in shares of SunPower in the 4th quarter worth about $479,000. 47.36% of the stock is owned by 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.