SunPower (SPWR) Coverage Initiated by Analysts at Bank of America

Bank of America initiated coverage on shares of SunPower (NASDAQ:SPWR) in a research note released on Saturday. The brokerage issued a neutral rating on the semiconductor company’s stock.

Several other equities research analysts have also recently weighed in on SPWR. Robert W. Baird restated a hold rating and issued a $7.00 price objective on shares of SunPower in a research report on Friday, September 1st. ValuEngine upgraded shares of SunPower from a sell rating to a hold rating in a research report on Friday, September 1st. Macquarie cut shares of SunPower from an outperform rating to a neutral rating in a research report on Friday, September 8th. Cowen restated a buy rating and issued a $12.00 price objective on shares of SunPower in a research report on Sunday, September 17th. Finally, Morgan Stanley cut shares of SunPower from an equal weight rating to an underweight rating and lowered their price objective for the company from $7.22 to $6.00 in a research report on Wednesday, September 27th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $9.85.

SunPower (NASDAQ SPWR) opened at $8.43 on Friday. SunPower has a 1-year low of $5.84 and a 1-year high of $11.70. The stock has a market cap of $1,176.58, a PE ratio of -2.10 and a beta of 3.14. The company has a current ratio of 1.41, a quick ratio of 1.02 and a debt-to-equity ratio of 1.71.

SunPower (NASDAQ:SPWR) last announced its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.60. The firm had revenue of $477.20 million during the quarter, compared to the consensus estimate of $383.76 million. SunPower had a negative net margin of 24.91% and a negative return on equity of 20.81%. The firm’s quarterly revenue was down 34.6% on a year-over-year basis. During the same period last year, the firm posted $0.68 EPS. equities analysts predict that SunPower will post -0.77 earnings per share for the current fiscal year.

In other news, Director Catherine A. Lesjak sold 23,632 shares of SunPower stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $7.50, for a total transaction of $177,240.00. Following the completion of the sale, the director now owns 55,924 shares in the company, valued at approximately $419,430. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.92% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. WFG Advisors LP grew its position in shares of SunPower by 7.6% during the 2nd quarter. WFG Advisors LP now owns 15,550 shares of the semiconductor company’s stock worth $145,000 after buying an additional 1,100 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in shares of SunPower by 8.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 23,084 shares of the semiconductor company’s stock worth $216,000 after buying an additional 1,730 shares during the period. Van ECK Associates Corp grew its position in shares of SunPower by 2.3% during the 2nd quarter. Van ECK Associates Corp now owns 114,172 shares of the semiconductor company’s stock worth $1,066,000 after buying an additional 2,599 shares during the period. Dimensional Fund Advisors LP grew its position in shares of SunPower by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,390,856 shares of the semiconductor company’s stock worth $12,991,000 after buying an additional 3,841 shares during the period. Finally, Alliancebernstein L.P. grew its position in shares of SunPower by 13.6% during the 2nd quarter. Alliancebernstein L.P. now owns 46,900 shares of the semiconductor company’s stock worth $438,000 after buying an additional 5,610 shares during the period. Institutional investors own 25.39% of the company’s stock.

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SunPower Company Profile

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.

Analyst Recommendations for SunPower (NASDAQ:SPWR)

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