SunPower Corporation (SPWR) Downgraded by Macquarie
SunPower Corporation (NASDAQ:SPWR) was downgraded by Macquarie from an “outperform” rating to a “neutral” rating in a research note issued on Friday, MarketBeat reports.
Other research analysts have also issued research reports about the company. BidaskClub lowered SunPower Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $13.00 price target (up previously from $10.00) on shares of SunPower Corporation in a research report on Wednesday, August 2nd. Cowen and Company set a $12.00 price target on SunPower Corporation and gave the stock a “buy” rating in a research report on Friday, August 11th. ValuEngine upgraded SunPower Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research downgraded SunPower Corporation from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 12th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $9.25.
SunPower Corporation (NASDAQ SPWR) traded down 7.43% on Friday, reaching $8.72. The company’s stock had a trading volume of 4,329,422 shares. The firm’s market capitalization is $1.22 billion. The firm has a 50-day moving average price of $9.69 and a 200 day moving average price of $8.20. SunPower Corporation has a 52-week low of $5.84 and a 52-week high of $11.70.
SunPower Corporation (NASDAQ:SPWR) last announced its quarterly earnings results on Tuesday, August 1st. The semiconductor company reported ($0.39) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.63) by $0.24. SunPower Corporation had a negative return on equity of 12.56% and a negative net margin of 21.84%. The company had revenue of $341.50 million during the quarter, compared to analyst estimates of $312.58 million. During the same quarter in the previous year, the firm posted ($0.22) EPS. The firm’s quarterly revenue was down 15.0% on a year-over-year basis. Equities analysts anticipate that SunPower Corporation will post ($0.98) earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. CAPROCK Group Inc. raised its position in shares of SunPower Corporation by 1.1% during the second quarter. CAPROCK Group Inc. now owns 11,941 shares of the semiconductor company’s stock worth $112,000 after purchasing an additional 128 shares during the period. HighTower Advisors LLC acquired a new stake in shares of SunPower Corporation during the second quarter worth $124,000. Candriam Luxembourg S.C.A. acquired a new stake in shares of SunPower Corporation during the second quarter worth $130,000. WFG Advisors LP raised its position in shares of SunPower Corporation by 7.6% during the second quarter. WFG Advisors LP now owns 15,550 shares of the semiconductor company’s stock worth $145,000 after purchasing an additional 1,100 shares during the period. Finally, Quantbot Technologies LP raised its position in shares of SunPower Corporation by 340.9% during the second quarter. Quantbot Technologies LP now owns 15,986 shares of the semiconductor company’s stock worth $149,000 after purchasing an additional 12,360 shares during the period. 28.84% of the stock is currently owned by institutional investors.
SunPower Corporation Company Profile
SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.
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