SunPower (NASDAQ:SPWR) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com assumed coverage on shares of SunPower (NASDAQ:SPWR) in a report issued on Tuesday. The firm set a “sell” rating on the semiconductor company’s stock.

A number of other equities analysts have also recently weighed in on SPWR. The Goldman Sachs Group decreased their price objective on shares of SunPower from $2.00 to $0.50 and set a “sell” rating for the company in a research report on Tuesday, July 23rd. Mizuho lowered SunPower from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $4.00 to $0.50 in a research note on Friday, July 19th. Glj Research restated a “sell” rating and set a $1.61 price objective on shares of SunPower in a report on Tuesday, July 16th. Susquehanna decreased their price target on shares of SunPower from $3.00 to $2.50 and set a “neutral” rating for the company in a research report on Monday, July 15th. Finally, Citigroup dropped their price target on shares of SunPower from $2.50 to $0.25 and set a “sell” rating for the company in a research note on Friday, July 19th. 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 stock has an average rating of “Reduce” and an average price target of $3.48.

SunPower Stock Performance

Shares of NASDAQ:SPWR opened at $0.12 on Tuesday. The business’s 50-day simple moving average is $0.59 and its 200 day simple moving average is $1.98. The company has a market cap of $21.53 million, a P/E ratio of -0.09 and a beta of 1.86. SunPower has a one year low of $0.09 and a one year high of $7.77.

Hedge Funds Weigh In On SunPower

Several hedge funds and other institutional investors have recently modified their holdings of SPWR. Vanguard Group Inc. increased its holdings in shares of SunPower by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 9,685,251 shares of the semiconductor company’s stock worth $29,056,000 after acquiring an additional 44,479 shares during the period. SG Americas Securities LLC increased its stake in shares of SunPower by 530.1% in the second 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 period. Point72 Asset Management L.P. acquired a new position in shares of SunPower during the second quarter worth approximately $2,084,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in SunPower by 33.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 371,884 shares of the semiconductor company’s stock worth $1,101,000 after buying an additional 93,551 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in SunPower by 31.2% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 348,123 shares of the semiconductor company’s stock valued at $1,030,000 after acquiring an additional 82,861 shares during the period. Institutional investors and hedge funds own 47.36% of the company’s stock.

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.