Oppenheimer Reaffirms Market Perform Rating for SunPower (SPWR)

SunPower (NASDAQ:SPWR)‘s stock had its “market perform” rating reissued by equities research analysts at Oppenheimer in a report issued on Thursday. They currently have a $10.00 price objective on the semiconductor company’s stock. Oppenheimer’s price target would suggest a potential upside of 33.69% from the stock’s current price.

A number of other equities research analysts have also weighed in on SPWR. UBS Group lowered shares of SunPower from an “outperform” rating to a “market perform” rating in a report on Thursday. Credit Suisse Group assumed coverage on shares of SunPower in a report on Monday. They issued a “neutral” rating and a $7.20 price objective for the company. Zacks Investment Research lowered shares of SunPower from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. BidaskClub lowered shares of SunPower from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Finally, ValuEngine lowered shares of SunPower from a “hold” rating to a “sell” rating in a report on Friday, December 1st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $9.64.

Shares of SunPower (NASDAQ:SPWR) opened at $7.48 on Thursday. SunPower has a 1 year low of $5.84 and a 1 year high of $11.70. The stock has a market cap of $1,030.03, a P/E ratio of -1.86 and a beta of 2.73. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.02 and a current ratio of 1.41.

SunPower (NASDAQ:SPWR) last announced its quarterly earnings data on Wednesday, February 14th. The semiconductor company reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.13. The firm had revenue of $824.00 million during the quarter, compared to analyst estimates of $796.62 million. SunPower had a negative net margin of 24.91% and a negative return on equity of 20.81%. The business’s quarterly revenue was down 24.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.64) EPS. equities research analysts anticipate that SunPower will post -0.77 EPS for the current year.

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

Several hedge funds and other institutional investors have recently modified their holdings of SPWR. Schwab Charles Investment Management Inc. increased its stake in shares of SunPower by 134.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 237,071 shares of the semiconductor company’s stock worth $2,215,000 after buying an additional 135,809 shares during the period. Alliancebernstein L.P. increased its stake in shares of SunPower by 13.6% in the second 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. Teachers Advisors LLC increased its stake in shares of SunPower by 73.7% in the second quarter. Teachers Advisors LLC now owns 147,712 shares of the semiconductor company’s stock worth $1,380,000 after buying an additional 62,684 shares during the period. Nationwide Fund Advisors purchased a new position in shares of SunPower in the second quarter worth $317,000. Finally, Northern Trust Corp increased its stake in shares of SunPower by 141.3% in the second quarter. Northern Trust Corp now owns 845,237 shares of the semiconductor company’s stock worth $7,894,000 after buying an additional 494,979 shares during the period. 26.15% of the stock is currently owned by institutional investors.

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About SunPower

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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