SunPower (NASDAQ:SPWR) Price Target Cut to $21.00 by Analysts at Morgan Stanley


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SunPower (NASDAQ:SPWR) had its target price decreased by Morgan Stanley from $22.00 to $21.00 in a research note released on Tuesday, Analyst Ratings Network reports. Morgan Stanley currently has an underweight rating on the semiconductor company’s stock.

Other analysts have also recently issued reports about the company. Truist raised their price target on SunPower from $31.00 to $42.00 in a report on Tuesday, March 2nd. Barclays raised their price target on SunPower from $17.00 to $28.00 in a report on Tuesday, March 16th. JPMorgan Chase & Co. reduced their price target on SunPower from $28.00 to $24.00 and set a neutral rating for the company in a report on Monday, March 8th. Zacks Investment Research raised SunPower from a sell rating to a hold rating and set a $36.00 price target for the company in a report on Tuesday, February 23rd. Finally, Robert W. Baird reissued a buy rating on shares of SunPower in a report on Monday, March 29th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The company has an average rating of Hold and an average target price of $29.58.

Shares of SPWR stock opened at $27.66 on Tuesday. The business’s 50 day moving average is $31.33 and its two-hundred day moving average is $29.16. SunPower has a twelve month low of $6.10 and a twelve month high of $57.52. The company has a market capitalization of $4.72 billion, a P/E ratio of 74.76 and a beta of 2.47. The company has a current ratio of 1.14, a quick ratio of 0.91 and a debt-to-equity ratio of 12.46.

SunPower (NASDAQ:SPWR) last announced its earnings results on Tuesday, February 16th. The semiconductor company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.08. SunPower had a negative return on equity of 256.87% and a net margin of 4.05%. The company had revenue of $341.81 million for the quarter, compared to the consensus estimate of $355.63 million. As a group, equities analysts predict that SunPower will post -0.34 earnings per share for the current fiscal year.

In related news, insider Vichheka Heang sold 2,124 shares of the business’s stock in a transaction dated Monday, February 22nd. The stock was sold at an average price of $35.81, for a total value of $76,060.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Thomas H. Werner sold 58,500 shares of the business’s stock in a transaction dated Tuesday, April 20th. The stock was sold at an average price of $25.59, for a total value of $1,497,015.00. Following the completion of the transaction, the director now owns 413,766 shares in the company, valued at approximately $10,588,271.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 378,668 shares of company stock valued at $12,551,717. Company insiders own 1.11% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Trustcore Financial Services LLC bought a new position in shares of SunPower during the fourth quarter valued at approximately $26,000. Sowell Financial Services LLC grew its holdings in shares of SunPower by 73.2% during the fourth quarter. Sowell Financial Services LLC now owns 1,155 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 488 shares during the last quarter. Baillie Gifford & Co. bought a new position in shares of SunPower during the fourth quarter valued at approximately $38,000. Retirement Group LLC bought a new position in shares of SunPower during the fourth quarter valued at approximately $58,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of SunPower by 340.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,880 shares of the semiconductor company’s stock valued at $99,000 after purchasing an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 45.92% of the company’s stock.

About SunPower

SunPower Corporation delivers solar solutions worldwide. It operates through Residential, Light Commercial; Commercial and Industrial Solutions; and Others segments. The company provides solar energy solutions, including sales to its third-party dealer network and resellers, storage solutions, cash and loan sales, and long-term leases directly to end customers; and sells turn-key engineering, procurement, and construction services, as well as sells energy under power purchase agreements.

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