SunPower Corporation (SPWR) Downgraded by Macquarie

SunPower Corporation (NASDAQ:SPWR) was downgraded by equities researchers at Macquarie from an “outperform” rating to a “neutral” rating in a report released on Friday, September 8th, MarketBeat reports.

Several other equities analysts have also issued reports on SPWR. ValuEngine raised SunPower Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. BidaskClub raised SunPower Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Cowen and Company set a $12.00 target price on SunPower Corporation and gave the stock a “buy” rating in a research note on Monday, July 10th. Zacks Investment Research lowered SunPower Corporation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Vetr lowered SunPower Corporation from a “strong-buy” rating to a “buy” rating and set a $11.45 price target on the stock. in a research report on Monday, July 17th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the stock. SunPower Corporation has an average rating of “Hold” and an average price target of $9.48.

Shares of SunPower Corporation (NASDAQ SPWR) opened at 8.39 on Friday. SunPower Corporation has a 12 month low of $5.84 and a 12 month high of $11.70. The firm’s 50-day moving average is $9.25 and its 200 day moving average is $8.19. The company’s market capitalization is $1.17 billion.

SunPower Corporation (NASDAQ:SPWR) last released its quarterly earnings results on Tuesday, August 1st. The semiconductor company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $341.50 million during the quarter, compared to analysts’ expectations of $312.58 million. During the same period in the prior year, the business posted ($0.22) EPS. The company’s revenue was down 15.0% compared to the same quarter last year. Equities analysts expect that SunPower Corporation will post ($0.99) EPS for the current year.

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Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of SunPower Corporation by 13.8% in the 2nd quarter. Vanguard Group Inc. now owns 4,922,577 shares of the semiconductor company’s stock valued at $45,977,000 after purchasing an additional 598,221 shares during the last quarter. Impax Asset Management LTD grew its stake in shares of SunPower Corporation by 5.3% in the 1st quarter. Impax Asset Management LTD now owns 2,563,914 shares of the semiconductor company’s stock valued at $15,638,000 after purchasing an additional 129,157 shares during the last quarter. State Street Corp grew its stake in shares of SunPower Corporation by 14.0% in the 2nd quarter. State Street Corp now owns 2,421,834 shares of the semiconductor company’s stock valued at $22,619,000 after purchasing an additional 296,862 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of SunPower Corporation by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,390,856 shares of the semiconductor company’s stock valued at $12,991,000 after purchasing an additional 3,841 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of SunPower Corporation by 9.4% in the 1st quarter. First Trust Advisors LP now owns 1,292,779 shares of the semiconductor company’s stock valued at $7,886,000 after purchasing an additional 111,168 shares during the last quarter. Institutional investors own 28.84% of the company’s stock.

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.

Analyst Recommendations for SunPower Corporation (NASDAQ:SPWR)

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