SunPower (NASDAQ:SPWR) Shares Gap Down to $2.96

SunPower Co. (NASDAQ:SPWR) gapped down before the market opened on Monday . The stock had previously closed at $2.96, but opened at $2.87. SunPower shares last traded at $2.90, with a volume of 214,226 shares.

Wall Street Analysts Forecast Growth

SPWR has been the subject of several research analyst reports. Wolfe Research downgraded SunPower from a “peer perform” rating to an “underperform” rating and set a $2.00 target price for the company. in a research note on Wednesday, May 15th. Scotiabank reduced their target price on SunPower from $6.00 to $4.00 and set a “sector perform” rating for the company in a research note on Monday, April 29th. The Goldman Sachs Group reduced their target price on SunPower from $2.25 to $2.00 and set a “sell” rating for the company in a research note on Wednesday, June 5th. Citigroup reduced their target price on SunPower from $3.00 to $2.50 and set a “sell” rating for the company in a research note on Thursday, March 28th. Finally, Mizuho dropped their price target on SunPower from $5.00 to $4.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Eleven investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to MarketBeat.com, SunPower currently has a consensus rating of “Reduce” and an average price target of $4.56.

SunPower Trading Down 4.7 %

The business has a fifty day moving average price of $2.78 and a 200 day moving average price of $3.18.

Hedge Funds Weigh In On SunPower

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of SunPower by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 9,685,251 shares of the semiconductor company’s stock worth $29,056,000 after buying an additional 44,479 shares in the last quarter. Schroder Investment Management Group raised its holdings in shares of SunPower by 18.8% during the 3rd quarter. Schroder Investment Management Group now owns 8,082,152 shares of the semiconductor company’s stock worth $49,867,000 after buying an additional 1,279,226 shares in the last quarter. Federated Hermes Inc. grew its position in SunPower by 193.0% during the 4th quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock worth $8,250,000 after acquiring an additional 1,125,231 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in SunPower by 5.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 681,079 shares of the semiconductor company’s stock worth $4,202,000 after acquiring an additional 33,270 shares during the last quarter. Finally, Quadrature Capital Ltd grew its position in SunPower by 117.7% during the 1st quarter. Quadrature Capital Ltd now owns 343,628 shares of the semiconductor company’s stock worth $1,034,000 after acquiring an additional 185,761 shares during the last quarter. Institutional investors and hedge funds own 47.36% of the company’s stock.

About SunPower

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.