StockNews.com Initiates Coverage on SunPower (NASDAQ:SPWR)

StockNews.com assumed coverage on shares of SunPower (NASDAQ:SPWR) in a research note published on Monday morning. The brokerage issued a sell rating on the semiconductor company’s stock.

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

SunPower Price Performance

Shares of NASDAQ SPWR opened at $0.12 on Monday. SunPower has a one year low of $0.09 and a one year high of $7.77. The business’s fifty day moving average price is $0.76 and its 200-day moving average price is $2.08. The stock has a market capitalization of $21.53 million, a PE ratio of -0.09 and a beta of 1.86.

Hedge Funds Weigh In On SunPower

A number of institutional investors have recently added to or reduced their stakes in SPWR. Wedmont Private Capital bought a new position in SunPower in the 1st quarter worth about $30,000. CIBC Asset Management Inc bought a new position in SunPower in the 2nd quarter worth about $38,000. First Trust Direct Indexing L.P. bought a new position in SunPower in the 1st quarter worth about $46,000. QRG Capital Management Inc. bought a new position in SunPower in the 4th quarter worth about $104,000. Finally, Intech Investment Management LLC bought a new position in SunPower in the 2nd quarter worth about $159,000. 47.36% of the stock is currently owned by 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.