Rhumbline Advisers lessened its stake in SunPower Co. (NASDAQ:SPWR) by 11.7% in the first quarter, Holdings Channel reports. The firm owned 94,350 shares of the semiconductor company’s stock after selling 12,482 shares during the quarter. Rhumbline Advisers’ holdings in SunPower were worth $3,156,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Envestnet Asset Management Inc. acquired a new position in SunPower in the first quarter valued at about $606,000. Pillar Pacific Capital Management LLC acquired a new position in SunPower during the first quarter worth about $244,000. Jordan Park Group LLC acquired a new position in SunPower during the first quarter worth about $892,000. Argyle Capital Management Inc. acquired a new position in SunPower during the first quarter worth about $278,000. Finally, Stratos Wealth Partners LTD. acquired a new position in SunPower during the first quarter worth about $412,000. 32.61% of the stock is owned by institutional investors and hedge funds.
In other SunPower news, Director Thomas H. Werner sold 58,500 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 413,766 shares of the company’s stock, valued at $10,588,271.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Vichheka Heang sold 3,832 shares of the business’s stock in a transaction that occurred on Tuesday, April 6th. The shares were sold at an average price of $33.66, for a total value of $128,985.12. Following the completion of the transaction, the insider now directly owns 8,168 shares in the company, valued at $274,934.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 120,106 shares of company stock worth $3,033,812. Insiders own 0.67% of the company’s stock.
SunPower (NASDAQ:SPWR) last announced its earnings results on Wednesday, May 5th. The semiconductor company reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.03. SunPower had a negative return on equity of 14.10% and a net margin of 33.55%. The business had revenue of $306.40 million for the quarter, compared to analysts’ expectations of $310.15 million. During the same period in the prior year, the business posted ($0.10) earnings per share. The firm’s revenue was up 5.5% on a year-over-year basis. Sell-side analysts predict that SunPower Co. will post 0.31 earnings per share for the current year.
Several research analysts have commented on SPWR shares. Piper Sandler lowered their target price on SunPower from $35.00 to $31.00 and set a “neutral” rating for the company in a research note on Tuesday, March 9th. They noted that the move was a valuation call. Zacks Investment Research raised SunPower from a “sell” rating to a “hold” rating and set a $36.00 target price for the company in a research note on Tuesday, February 23rd. JPMorgan Chase & Co. lowered their target price on SunPower from $28.00 to $24.00 and set a “neutral” rating for the company in a research note on Monday, March 8th. Morgan Stanley reduced their price target on SunPower from $22.00 to $21.00 and set an “underweight” rating on the stock in a report on Tuesday, April 20th. Finally, Truist reduced their price target on SunPower from $42.00 to $29.00 in a report on Wednesday, May 12th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $26.42.
SunPower Company Profile
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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