SunPower (NASDAQ:SPWR) Price Target Cut to $4.00 by Analysts at Mizuho

SunPower (NASDAQ:SPWR) had its price target cut by Mizuho from $5.00 to $4.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s target price would indicate a potential upside of 81.82% from the company’s current price.

A number of other research firms have also recently issued reports on SPWR. Citigroup lowered their target price on SunPower from $3.00 to $2.50 and set a “sell” rating for the company in a report on Thursday, March 28th. StockNews.com upgraded shares of SunPower to a “sell” rating in a research note on Saturday, December 23rd. Guggenheim downgraded shares of SunPower from a “neutral” rating to a “sell” rating in a research note on Friday, February 16th. The Goldman Sachs Group reduced their price objective on shares of SunPower from $4.00 to $2.50 and set a “sell” rating for the company in a research note on Monday, January 22nd. Finally, Evercore ISI reduced their price objective on shares of SunPower from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. Ten research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, SunPower presently has a consensus rating of “Hold” and a consensus price target of $4.76.

SunPower Stock Down 2.7 %

Shares of SPWR traded down $0.06 during trading hours on Friday, reaching $2.20. The stock had a trading volume of 3,102,263 shares, compared to its average volume of 6,953,756. SunPower has a 52 week low of $2.19 and a 52 week high of $14.49. The firm has a 50-day moving average of $3.00 and a 200 day moving average of $3.90. The company has a market cap of $385.79 million, a P/E ratio of -1.61 and a beta of 1.73.

SunPower (NASDAQ:SPWR) last released its earnings results on Thursday, February 15th. The semiconductor company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.24). The firm had revenue of $356.91 million for the quarter, compared to the consensus estimate of $364.58 million. SunPower had a negative return on equity of 40.95% and a negative net margin of 14.15%. As a group, equities analysts expect that SunPower will post -0.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley raised its holdings in shares of SunPower by 144.3% during the third quarter. Morgan Stanley now owns 6,926,951 shares of the semiconductor company’s stock valued at $42,739,000 after purchasing an additional 4,091,748 shares during the period. Millennium Management LLC raised its holdings in shares of SunPower by 425.8% during the fourth quarter. Millennium Management LLC now owns 4,704,981 shares of the semiconductor company’s stock valued at $84,831,000 after purchasing an additional 3,810,149 shares during the period. BlackRock Inc. raised its holdings in shares of SunPower by 24.2% during the second quarter. BlackRock Inc. now owns 19,353,725 shares of the semiconductor company’s stock valued at $189,667,000 after purchasing an additional 3,770,195 shares during the period. Point72 Asset Management L.P. raised its holdings in shares of SunPower by 3,701.8% during the fourth quarter. Point72 Asset Management L.P. now owns 2,910,930 shares of the semiconductor company’s stock valued at $14,060,000 after purchasing an additional 2,834,362 shares during the period. Finally, Schroder Investment Management Group raised its holdings 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 valued at $49,867,000 after purchasing an additional 1,279,226 shares during the period. 47.36% of the stock is currently owned by institutional investors and hedge funds.

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.