SunPower (NASDAQ:SPWR) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of SunPower (NASDAQ:SPWR – Get Rating) from a sell rating to a hold rating in a research report released on Wednesday.

Several other brokerages have also commented on SPWR. Cowen boosted their target price on shares of SunPower to $17.00 in a research report on Tuesday, November 15th. Wells Fargo & Company decreased their target price on shares of SunPower from $21.00 to $19.00 and set an equal weight rating on the stock in a research report on Friday, February 3rd. The Goldman Sachs Group decreased their target price on shares of SunPower from $16.00 to $14.00 and set a sell rating on the stock in a research report on Tuesday, January 31st. Deutsche Bank Aktiengesellschaft decreased their target price on shares of SunPower from $21.00 to $15.00 in a research report on Friday, February 17th. Finally, Morgan Stanley decreased their price objective on shares of SunPower from $27.00 to $25.00 and set an equal weight rating on the stock in a research report on Tuesday, January 10th. Four research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $19.85.

SunPower Price Performance

NASDAQ:SPWR opened at $12.37 on Wednesday. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 47.58, a price-to-earnings-growth ratio of 1.18 and a beta of 1.87. SunPower has a 1-year low of $12.26 and a 1-year high of $28.42. The firm’s fifty day moving average price is $16.19 and its 200 day moving average price is $19.71.

Insider Activity

In related news, CEO Peter Faricy acquired 7,500 shares of the company’s stock in a transaction dated Thursday, March 16th. The stock was bought at an average price of $13.29 per share, with a total value of $99,675.00. Following the purchase, the chief executive officer now directly owns 177,458 shares in the company, valued at approximately $2,358,416.82. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Natixis increased its stake in shares of SunPower by 100.0% during the 4th quarter. Natixis now owns 38,884 shares of the semiconductor company’s stock valued at $701,000 after acquiring an additional 19,442 shares during the last quarter. Alliancebernstein L.P. increased its position in SunPower by 0.5% during the 4th quarter. Alliancebernstein L.P. now owns 212,391 shares of the semiconductor company’s stock worth $3,829,000 after purchasing an additional 1,125 shares in the last quarter. Point72 Middle East FZE acquired a new stake in SunPower during the 4th quarter worth approximately $88,000. Summit Partners Public Asset Management LLC acquired a new stake in SunPower during the 4th quarter worth approximately $7,180,000. Finally, Millennium Management LLC increased its position in SunPower by 425.8% during the 4th quarter. Millennium Management LLC now owns 4,704,981 shares of the semiconductor company’s stock worth $84,831,000 after purchasing an additional 3,810,149 shares in the last quarter. Institutional investors and hedge funds own 36.07% of the company’s stock.

SunPower Company Profile

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SunPower Corp. engages in the design, manufacture, and delivery of solar panels and systems. It operates through the Dev Co and Power Co segments. The Dev Co segment refers to the solar origination and installation revenue stream as sale of solar power systems. The Power Co segment deals with the post system sale and recurring services revenue.