BNP Paribas Arbitrage SA lowered its stake in SunPower Corp. (NASDAQ:SPWR) by 37.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,578 shares of the company’s stock after selling 13,668 shares during the period. BNP Paribas Arbitrage SA’s holdings in SunPower Corp. were worth $350,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in SunPower Corp. by 101.8% in the first quarter. BlackRock Inc. now owns 6,559 shares of the company’s stock valued at $146,000 after buying an additional 3,308 shares during the period. Edmond DE Rothschild Holding S.A. raised its stake in SunPower Corp. by 3.3% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 8,904 shares of the company’s stock valued at $199,000 after buying an additional 285 shares during the period. Seven Eight Capital LLC bought a new stake in SunPower Corp. during the first quarter valued at about $207,000. Scotia Capital Inc. raised its stake in SunPower Corp. by 29.7% in the first quarter. Scotia Capital Inc. now owns 11,806 shares of the company’s stock valued at $264,000 after buying an additional 2,704 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in SunPower Corp. by 20.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,934 shares of the company’s stock valued at $267,000 after buying an additional 2,035 shares during the period. 38.75% of the stock is currently owned by institutional investors.

Shares of SunPower Corp. (NASDAQ:SPWR) traded down 2.46% during midday trading on Friday, reaching $7.53. The company’s stock had a trading volume of 5,828,947 shares. SunPower Corp. has a 12-month low of $7.36 and a 12-month high of $31.10. The company’s 50-day moving average price is $11.65 and its 200 day moving average price is $16.96. The company’s market capitalization is $1.04 billion.

SunPower Corp. (NASDAQ:SPWR) last announced its earnings results on Tuesday, August 9th. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. The business had revenue of $420.50 million for the quarter, compared to analyst estimates of $344.97 million. SunPower Corp. had a positive return on equity of 10.76% and a negative net margin of 21.75%. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 EPS. On average, equities research analysts forecast that SunPower Corp. will post $0.35 earnings per share for the current year.

SPWR has been the topic of several analyst reports. Guggenheim raised SunPower Corp. from a “neutral” rating to a “buy” rating and increased their target price for the stock from $15.64 to $20.00 in a report on Wednesday, July 27th. JPMorgan Chase & Co. set a $28.00 target price on SunPower Corp. and gave the stock a “buy” rating in a report on Friday, August 5th. Morgan Stanley set a $27.00 target price on SunPower Corp. and gave the stock a “buy” rating in a report on Thursday, August 11th. Barclays PLC lowered SunPower Corp. from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $23.00 to $12.00 in a report on Saturday, August 13th. Finally, Deutsche Bank AG lowered SunPower Corp. from a “buy” rating to a “hold” rating and reduced their price objective for the company from $37.00 to $11.00 in a research note on Wednesday, August 10th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $26.00.

About SunPower Corp.

SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements.

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