SunPower Corporation (SPWR) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of SunPower Corporation (NASDAQ:SPWR) from a buy rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “SunPower is gradually shifting its revenue base from solar panel sales to the development of solar projects, power plants and engineering, procurement and construction (EPC) systems. Meanwhile, it remains committed to provide high-performance solar power products to its customers. In the overseas, the company has plans to build six projects in many regions in Mexico with expected delivery dates of 2018 and 2019, and gross margin above 20%. However, rising cost is a major headwind for SunPower, given the constant need to come up with new and innovative technology. The company's share price underperformed the broader industry in the last year.”
Several other analysts also recently issued reports on SPWR. Morgan Stanley downgraded SunPower Corporation from an equal weight rating to an underweight rating and reduced their price target for the company from $7.22 to $6.00 in a research note on Wednesday, September 27th. Bank of America Corporation decreased their price objective on SunPower Corporation from $12.00 to $10.00 and set a neutral rating on the stock in a report on Tuesday, September 26th. ValuEngine cut SunPower Corporation from a hold rating to a sell rating in a research report on Friday, September 22nd. Cowen and Company reiterated a buy rating and set a $12.00 price objective on shares of SunPower Corporation in a research report on Sunday, September 17th. Finally, Macquarie downgraded SunPower Corporation from an outperform rating to a neutral rating in a report on Friday, September 8th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $9.27.
Shares of SunPower Corporation (NASDAQ SPWR) traded down 1.036% during trading on Tuesday, hitting $7.165. 1,047,214 shares of the stock were exchanged. The firm’s 50-day moving average is $8.48 and its 200 day moving average is $8.19. SunPower Corporation has a 1-year low of $5.84 and a 1-year high of $11.70. The company’s market cap is $999.45 million.
SunPower Corporation (NASDAQ:SPWR) last posted its earnings results on Tuesday, August 1st. The semiconductor company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.24. The company had revenue of $341.50 million for the quarter, compared to the consensus estimate of $312.58 million. SunPower Corporation had a negative return on equity of 12.56% and a negative net margin of 21.84%. The firm’s revenue for the quarter was down 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.22) earnings per share. Equities analysts forecast that SunPower Corporation will post ($1.08) earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of SPWR. Vanguard Group Inc. boosted its position in shares of SunPower Corporation by 13.8% during the 2nd quarter. Vanguard Group Inc. now owns 4,922,577 shares of the semiconductor company’s stock worth $45,977,000 after acquiring an additional 598,221 shares in the last quarter. Northern Trust Corp raised its position in SunPower Corporation by 141.3% during the second quarter. Northern Trust Corp now owns 845,237 shares of the semiconductor company’s stock valued at $7,894,000 after purchasing an additional 494,979 shares in the last quarter. GAM Holding AG raised its position in SunPower Corporation by 970.8% during the second quarter. GAM Holding AG now owns 428,311 shares of the semiconductor company’s stock valued at $4,000,000 after purchasing an additional 388,311 shares in the last quarter. Delta Lloyd Asset Management N.V. acquired a new position in SunPower Corporation during the second quarter valued at approximately $2,895,000. Finally, State Street Corp raised its position in SunPower Corporation by 14.0% during the second quarter. State Street Corp now owns 2,421,834 shares of the semiconductor company’s stock valued at $22,619,000 after purchasing an additional 296,862 shares in the last quarter. Institutional investors and hedge funds own 28.82% of the company’s stock.
About SunPower Corporation
SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.
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