Van ECK Associates Corp trimmed its holdings in SunPower Co. (NASDAQ:SPWR – Free Report) by 3.8% in the first quarter, HoldingsChannel reports. The fund owned 94,222 shares of the semiconductor company’s stock after selling 3,763 shares during the period. Van ECK Associates Corp’s holdings in SunPower were worth $1,304,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the business. Millennium Management LLC lifted its holdings in shares of SunPower by 425.8% in the 4th quarter. Millennium Management LLC now owns 4,704,981 shares of the semiconductor company’s stock worth $84,831,000 after acquiring an additional 3,810,149 shares during the last quarter. Geode Capital Management LLC raised its holdings in SunPower by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 1,636,895 shares of the semiconductor company’s stock valued at $29,513,000 after buying an additional 51,356 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in SunPower by 7.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 837,569 shares of the semiconductor company’s stock valued at $19,298,000 after buying an additional 58,212 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in SunPower by 17.9% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 824,320 shares of the semiconductor company’s stock valued at $10,791,000 after buying an additional 124,946 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in SunPower by 203.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 762,502 shares of the semiconductor company’s stock valued at $16,379,000 after buying an additional 511,085 shares during the last quarter. 39.15% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on SPWR shares. Raymond James dropped their target price on shares of SunPower from $21.00 to $17.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 27th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of SunPower from $15.00 to $13.00 and set a “hold” rating for the company in a research note on Thursday, April 13th. Truist Financial decreased their price target on shares of SunPower from $13.00 to $10.00 and set a “hold” rating for the company in a research note on Tuesday. Evercore ISI decreased their price target on shares of SunPower from $22.00 to $13.00 and set an “outperform” rating for the company in a research note on Wednesday, July 26th. Finally, Robert W. Baird lowered shares of SunPower from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $24.00 to $12.00 in a research note on Thursday, July 27th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, SunPower has an average rating of “Hold” and an average price target of $14.70.
Get Our Latest Research Report on SPWR
SunPower Trading Up 0.4 %
Shares of NASDAQ:SPWR opened at $9.08 on Friday. SunPower Co. has a 1 year low of $8.85 and a 1 year high of $28.42. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 30.27 and a beta of 1.83. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.44 and a quick ratio of 0.88. The business’s 50 day moving average price is $10.41 and its 200-day moving average price is $12.83.
SunPower (NASDAQ:SPWR – Get Free Report) last announced its earnings results on Wednesday, May 3rd. The semiconductor company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.08). SunPower had a net margin of 3.37% and a negative return on equity of 2.58%. The business had revenue of $440.88 million for the quarter, compared to analysts’ expectations of $427.00 million. On average, equities research analysts forecast that SunPower Co. will post -0.03 earnings per share for the current fiscal year.
SunPower Company Profile
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.
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