SunPower (SPWR) Cut to Strong Sell at BidaskClub

SunPower (NASDAQ:SPWR) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Wednesday.

Other analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of SunPower from a “hold” rating to a “buy” rating and set a $7.50 price target for the company in a research note on Tuesday, October 9th. JPMorgan Chase & Co. set a $9.00 price target on shares of SunPower and gave the stock a “hold” rating in a research note on Wednesday, September 19th. ValuEngine upgraded shares of SunPower from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. Robert W. Baird boosted their target price on shares of SunPower from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Wednesday, September 19th. Finally, Bank of America lowered their target price on shares of SunPower from $7.50 to $7.00 and set a “neutral” rating for the company in a research note on Tuesday, October 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. SunPower presently has an average rating of “Hold” and an average target price of $8.72.

Shares of NASDAQ:SPWR traded down $0.42 during midday trading on Wednesday, reaching $6.00. The company had a trading volume of 53,806 shares, compared to its average volume of 1,667,422. The company has a current ratio of 1.75, a quick ratio of 1.22 and a debt-to-equity ratio of 9.81. The firm has a market cap of $875.56 million, a PE ratio of -14.63 and a beta of 1.96. SunPower has a one year low of $5.89 and a one year high of $10.00.

SunPower (NASDAQ:SPWR) last issued its quarterly earnings results on Tuesday, October 30th. The semiconductor company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.11. The business had revenue of $443.40 million during the quarter, compared to analyst estimates of $478.88 million. SunPower had a negative net margin of 60.01% and a positive return on equity of 1.37%. The business’s revenue was down .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 earnings per share. As a group, equities research analysts forecast that SunPower will post -1.55 EPS for the current fiscal year.

In other SunPower news, EVP Kenneth Lawrence Mahaffey sold 27,964 shares of the business’s stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $7.30, for a total transaction of $204,137.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.88% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Guinness Atkinson Asset Management Inc boosted its holdings in shares of SunPower by 14.3% during the third quarter. Guinness Atkinson Asset Management Inc now owns 75,950 shares of the semiconductor company’s stock valued at $555,000 after acquiring an additional 9,500 shares during the period. Commonwealth Equity Services LLC acquired a new position in shares of SunPower during the first quarter valued at $109,000. Guinness Asset Management Ltd boosted its holdings in shares of SunPower by 6.6% during the third quarter. Guinness Asset Management Ltd now owns 240,077 shares of the semiconductor company’s stock valued at $1,753,000 after acquiring an additional 14,900 shares during the period. Cubist Systematic Strategies LLC acquired a new position in shares of SunPower during the first quarter valued at $139,000. Finally, Suntrust Banks Inc. acquired a new position in shares of SunPower during the first quarter valued at $145,000. 27.27% of the stock is owned by institutional investors.

SunPower Company Profile

SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.

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