SunPower (NASDAQ:SPWR) coverage was initiated at StockNews.com

Equities research analysts at StockNews.com have assumed coverage of the stock SunPower (NASDAQ:SPWR – Get a Free Report) in a report issued on Tuesday. The firm set a “sell” rating on the semiconductor company’s stock.

A number of other equities analysts also recently weighed in on SPWR. Goldman Sachs Group reduced their price objective on shares of SunPower from $2.00 to $0.50 and set a “sell” rating for the company in a research report on Tuesday, July 23rd. Mizuho cut SunPower from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $4.00 to $0.50 in a research note on Friday, July 19th. Glj Research restated a “sell” rating and set a $1.61 price objective on shares of SunPower in a report on Tuesday, July 16th. Susquehanna cut their price target on shares of SunPower from $3.00 to $2.50 and set a “neutral” rating for the company in a research report on Monday, July 15th. Finally, Citigroup decreased their price target on shares of SunPower from $2.50 to $0.25 and set a “sell” rating for the company in a research note on Friday, July 19th. Twelve analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat , the stock has an average rating of “Reduce” and an average price target of $3.48.

Read the latest stock analysis on SPWR

SunPower Stock Performance

Shares of NASDAQ:SPWR opened at $0.12 on Tuesday. The company’s 50-day simple moving average is $0.59 and its 200-day simple moving average is $1.98. The company has a market cap of $21.53 million, a P/E ratio of -0.09 and a beta of 1.86. SunPower has a one year low of $0.09 and a one year high of $7.77.

Hedge funds influence SunPower

Several hedge funds and other institutional investors have recently modified their holdings of SPWR. Vanguard Group Inc. raised its holdings in shares of SunPower by 0.5% in the first quarter. Vanguard Group Inc. now owns 9,685,251 shares of the semiconductor company’s stock worth $29,056,000 after acquiring an additional 44,479 shares during the period. SG Americas Securities LLC boosted its stake in SunPower by 530.1% in the second quarter. SG Americas Securities LLC now owns 1,646,592 shares of the semiconductor company’s stock valued at $4,874,000 after purchasing an additional 1,385,270 shares during the period. Point72 Asset Management LP purchased a new position in shares of SunPower in the second quarter valued at about $2,084,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in SunPower by 33.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 371,884 shares of the semiconductor company’s stock worth $1,101,000 after purchasing an additional 93,551 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in SunPower by 31.2% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 348,123 shares of the semiconductor company’s stock valued at $1,030,000 after acquiring an additional 82,861 shares during the period. Institutional investors and hedge funds own 47.36% of the company’s shares.

About SunPower

(Get a free report)

SunPower Corporation, a provider of solar technology and energy services, provides solar, storage and residential 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 plug-and-play integrated power plants, cable management systems and mounting hardware that allow dealers and installers to complete installation the system. as well as for end customers to manage their energy production.

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