SunPower (NASDAQ:SPWR) Shares Gap Down to $2.96

SunPower Co. (NASDAQ:SPWR) gapped down before the market opened on Monday . The stock had previously closed at $2.96, but opened at $2.87. SunPower shares last traded at $2.90, with a volume of 214,226 shares changing hands.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. The Goldman Sachs Group lowered their price target on SunPower from $2.25 to $2.00 and set a “sell” rating for the company in a research report on Wednesday, June 5th. Scotiabank reduced their price objective on shares of SunPower from $6.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Monday, April 29th. Mizuho dropped their target price on SunPower from $5.00 to $4.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Citigroup reduced their price target on SunPower from $3.00 to $2.50 and set a “sell” rating on the stock in a report on Thursday, March 28th. Finally, Susquehanna dropped their price objective on SunPower from $4.50 to $3.00 and set a “neutral” rating for the company in a report on Friday, April 5th. Eleven investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to data from MarketBeat.com, SunPower has an average rating of “Reduce” and a consensus price target of $4.56.

SunPower Stock Performance

The stock’s 50-day moving average is $2.81 and its 200 day moving average is $3.13.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SPWR. Schroder Investment Management Group grew its stake in shares of SunPower by 18.8% during the third quarter. Schroder Investment Management Group now owns 8,082,152 shares of the semiconductor company’s stock worth $49,867,000 after acquiring an additional 1,279,226 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of SunPower by 193.0% in the fourth quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock worth $8,250,000 after buying an additional 1,125,231 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of SunPower in the first quarter worth $932,000. Quadrature Capital Ltd lifted its stake in shares of SunPower by 117.7% during the first quarter. Quadrature Capital Ltd now owns 343,628 shares of the semiconductor company’s stock worth $1,034,000 after buying an additional 185,761 shares during the period. Finally, Bank of Nova Scotia acquired a new position in shares of SunPower in the 3rd quarter valued at $1,077,000. 47.36% of the stock is owned by institutional investors and hedge funds.

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.