SunPower (NASDAQ:SPWR) Cut to “Inline” at Evercore ISI

Evercore ISI downgraded shares of SunPower (NASDAQ:SPWR) from an outperform rating to an inline rating in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. The firm currently has $6.00 price target on the semiconductor company’s stock.

Other equities research analysts also recently issued research reports about the stock. Susquehanna cut their target price on shares of SunPower from $4.50 to $3.00 and set a neutral rating for the company in a research report on Friday, April 5th. Mizuho dropped their price target on shares of SunPower from $5.00 to $4.00 and set a neutral rating on the stock in a research note on Friday, April 19th. Citigroup dropped their price target on shares of SunPower from $3.00 to $2.50 and set a sell rating on the stock in a research note on Thursday, March 28th. Wells Fargo & Company restated an underweight rating and set a $4.00 price target (down previously from $6.00) on shares of SunPower in a research note on Monday, January 8th. Finally, Guggenheim lowered shares of SunPower from a neutral rating to a sell rating in a research note on Friday, February 16th. Ten analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. According to MarketBeat.com, the stock has an average rating of Reduce and a consensus price target of $4.76.

SunPower Trading Down 3.1 %

SPWR stock opened at $1.88 on Tuesday. SunPower has a 12-month low of $1.77 and a 12-month high of $13.50. The company has a 50 day moving average of $2.85 and a two-hundred day moving average of $3.79.

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). SunPower had a negative return on equity of 40.95% and a negative net margin of 14.15%. The company had revenue of $356.91 million during the quarter, compared to analysts’ expectations of $364.58 million. Equities research analysts expect that SunPower will post -0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. New Mexico Educational Retirement Board acquired a new stake in SunPower in the 1st quarter worth $51,000. First Trust Direct Indexing L.P. acquired a new stake in SunPower in the 1st quarter worth $46,000. Counterpoint Mutual Funds LLC grew its position in SunPower by 46.4% in the 1st quarter. Counterpoint Mutual Funds LLC now owns 64,619 shares of the semiconductor company’s stock worth $194,000 after purchasing an additional 20,493 shares during the last quarter. Wedmont Private Capital acquired a new stake in SunPower in the 1st quarter worth $30,000. Finally, Quadrature Capital Ltd acquired a new stake in SunPower in the 4th quarter worth $762,000. 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.