Jennison Associates LLC Makes New Investment in SunPower Co. (NASDAQ:SPWR)

Jennison Associates LLC bought a new position in shares of SunPower Co. (NASDAQ:SPWR) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 53,435 shares of the semiconductor company’s stock, valued at approximately $1,212,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. increased its stake in shares of SunPower by 30.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 23,710 shares of the semiconductor company’s stock worth $693,000 after purchasing an additional 5,592 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of SunPower by 4.7% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 30,011 shares of the semiconductor company’s stock valued at $877,000 after acquiring an additional 1,357 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in shares of SunPower in the 2nd quarter valued at about $29,000. Edmond DE Rothschild Holding S.A. lifted its stake in SunPower by 103.3% in the second quarter. Edmond DE Rothschild Holding S.A. now owns 34,317 shares of the semiconductor company’s stock worth $1,003,000 after purchasing an additional 17,434 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its stake in SunPower by 5.5% in the second quarter. Baird Financial Group Inc. now owns 28,714 shares of the semiconductor company’s stock worth $839,000 after purchasing an additional 1,504 shares during the last quarter. 32.12% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CFO Manavendra Sial sold 12,634 shares of the stock in a transaction that occurred on Monday, November 8th. The stock was sold at an average price of $32.90, for a total value of $415,658.60. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.67% of the stock is currently owned by corporate insiders.

Several analysts have issued reports on SPWR shares. Truist decreased their price objective on shares of SunPower from $28.00 to $26.00 and set a “hold” rating for the company in a research note on Wednesday, October 6th. JPMorgan Chase & Co. lowered shares of SunPower from a “neutral” rating to an “underweight” rating and set a $27.00 price objective on the stock. in a report on Thursday, December 9th. They noted that the move was a valuation call. Cfra lowered shares of SunPower from a “buy” rating to a “sell” rating and set a $26.00 price target on the stock. in a report on Monday, November 8th. Truist Securities cut their price target on shares of SunPower from $28.00 to $26.00 and set a “hold” rating on the stock in a report on Wednesday, October 6th. Finally, Evercore ISI assumed coverage on shares of SunPower in a research note on Wednesday, September 22nd. They set an “outperform” rating and a $27.00 price objective for the company. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, SunPower presently has an average rating of “Hold” and a consensus price target of $26.29.

Shares of SunPower stock opened at $20.16 on Friday. SunPower Co. has a 1 year low of $18.55 and a 1 year high of $57.52. The company has a market capitalization of $3.49 billion, a P/E ratio of 11.86, a PEG ratio of 5.19 and a beta of 2.02. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.28 and a current ratio of 2.89. The company’s fifty day moving average is $24.73 and its two-hundred day moving average is $24.91.

SunPower (NASDAQ:SPWR) last issued its quarterly earnings results on Wednesday, November 3rd. The semiconductor company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $323.64 million during the quarter, compared to the consensus estimate of $325.52 million. SunPower had a net margin of 27.71% and a return on equity of 8.15%. During the same period in the previous year, the firm posted ($0.06) earnings per share. As a group, equities analysts expect that SunPower Co. will post 0.08 earnings per share for the current year.

SunPower Company Profile

SunPower Corp. engages in the design, manufacture and deliver of solar panels and systems. It operates through the following business segments: Residential, Light Commercial; Commercial & Industrial Solutions; and Other. The Residential, Light Commercial segment refers to the sales of 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.

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Institutional Ownership by Quarter for SunPower (NASDAQ:SPWR)

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