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

Research analysts at StockNews.com began coverage on shares of SunPower (NASDAQ:SPWR) in a research note issued to investors on Wednesday. The firm set a “sell” rating on the semiconductor company’s stock.

A number of other research analysts have also recently weighed in on SPWR. Citigroup dropped their price target on SunPower from $2.50 to $0.25 and set a “sell” rating for the company in a research report on Friday, July 19th. Susquehanna dropped their price objective on SunPower from $3.00 to $2.50 and set a “neutral” rating for the company in a research report on Monday, July 15th. Glj Research reiterated a “sell” rating and set a $1.61 price objective on shares of SunPower in a research report on Tuesday, July 16th. Mizuho cut SunPower from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $4.00 to $0.50 in a research report on Friday, July 19th. Finally, The Goldman Sachs Group dropped their price objective 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 equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $3.48.

SunPower Price Performance

Shares of SPWR stock opened at $0.12 on Wednesday. SunPower has a fifty-two week low of $0.09 and a fifty-two week high of $7.77. The stock has a market cap of $21.53 million, a P/E ratio of -0.09 and a beta of 1.86. The business has a fifty day simple moving average of $0.31 and a 200-day simple moving average of $1.87.

Hedge Funds Weigh In On SunPower

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wedmont Private Capital acquired a new position in shares of SunPower in the 1st quarter valued at about $30,000. CIBC Asset Management Inc acquired a new position in shares of SunPower in the 2nd quarter valued at about $38,000. First Trust Direct Indexing L.P. acquired a new position in shares of SunPower in the 1st quarter valued at about $46,000. Quantbot Technologies LP lifted its stake in shares of SunPower by 16.4% in the 1st quarter. Quantbot Technologies LP now owns 124,096 shares of the semiconductor company’s stock valued at $372,000 after purchasing an additional 17,464 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of SunPower by 30.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 82,583 shares of the semiconductor company’s stock valued at $248,000 after purchasing an additional 19,501 shares in the last quarter. 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.