Van ECK Associates Corp Lowers Holdings in SunPower Co. (NASDAQ:SPWR)

Van ECK Associates Corp decreased its position in SunPower Co. (NASDAQ:SPWR) by 34.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,500 shares of the semiconductor company’s stock after selling 31,576 shares during the period. Van ECK Associates Corp’s holdings in SunPower were worth $2,024,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SPWR. Victory Capital Management Inc. boosted its holdings in shares of SunPower by 18.6% in the fourth quarter. Victory Capital Management Inc. now owns 22,568 shares of the semiconductor company’s stock valued at $579,000 after purchasing an additional 3,538 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of SunPower in the fourth quarter valued at approximately $279,000. US Bancorp DE purchased a new stake in shares of SunPower in the fourth quarter valued at approximately $934,000. SG Americas Securities LLC purchased a new stake in shares of SunPower in the fourth quarter valued at approximately $278,000. Finally, Sei Investments Co. raised its stake in SunPower by 11.6% in the fourth quarter. Sei Investments Co. now owns 53,204 shares of the semiconductor company’s stock worth $1,364,000 after buying an additional 5,542 shares in the last quarter. Hedge funds and other institutional investors own 32.61% of the company’s stock.

NASDAQ:SPWR opened at $27.78 on Friday. SunPower Co. has a one year low of $7.13 and a one year high of $57.52. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.74 and a current ratio of 2.20. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of 12.92 and a beta of 2.09. The firm has a fifty day simple moving average of $24.69.

SunPower (NASDAQ:SPWR) last posted its quarterly earnings results on Wednesday, May 5th. The semiconductor company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.02 by $0.03. SunPower had a net margin of 33.55% and a negative return on equity of 14.10%. The company had revenue of $306.40 million for the quarter, compared to analyst estimates of $310.15 million. During the same period in the prior year, the company earned ($0.10) earnings per share. The firm’s revenue was up 5.5% on a year-over-year basis. On average, research analysts predict that SunPower Co. will post 0.31 EPS for the current year.

In other news, CFO Manavendra Sial sold 11,116 shares of the stock in a transaction dated Friday, May 7th. The shares were sold at an average price of $23.09, for a total transaction of $256,668.44. Following the sale, the chief financial officer now directly owns 92,862 shares of the company’s stock, valued at approximately $2,144,183.58. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Vichheka Heang sold 3,832 shares of the stock in a transaction dated Tuesday, April 6th. The stock was sold at an average price of $33.66, for a total transaction of $128,985.12. Following the sale, the insider now directly owns 8,168 shares in the company, valued at $274,934.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 120,106 shares of company stock worth $3,033,812. 0.67% of the stock is owned by corporate insiders.

A number of equities analysts recently commented on SPWR shares. Piper Sandler reduced their price objective on shares of SunPower from $35.00 to $31.00 and set a “neutral” rating for the company in a research note on Tuesday, March 9th. They noted that the move was a valuation call. JPMorgan Chase & Co. reduced their price target on SunPower from $28.00 to $24.00 and set a “neutral” rating on the stock in a research report on Monday, March 8th. Robert W. Baird reaffirmed a “buy” rating on shares of SunPower in a research report on Monday, March 29th. Roth Capital reduced their price target on SunPower from $40.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, May 6th. Finally, The Goldman Sachs Group reduced their price target on SunPower from $29.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, May 7th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $26.50.

SunPower Profile

SunPower Corporation delivers solar solutions worldwide. It operates through Residential, Light Commercial; Commercial and Industrial Solutions; and Others segments. The company provides solar energy solutions, including sales to its third-party dealer network and resellers, storage solutions, cash and loan sales, and long-term leases directly to end customers; and sells turn-key engineering, procurement, and construction services, as well as sells energy under power purchase agreements.

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Institutional Ownership by Quarter for SunPower (NASDAQ:SPWR)

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