SunPower Co. (NASDAQ:SPWR) Stake Reduced by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC reduced its stake in shares of SunPower Co. (NASDAQ:SPWR) by 9.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,747 shares of the semiconductor company’s stock after selling 1,683 shares during the quarter. Commonwealth Equity Services LLC’s holdings in SunPower were worth $357,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Millennium Management LLC lifted its holdings in shares of SunPower by 204.2% during the second quarter. Millennium Management LLC now owns 636,088 shares of the semiconductor company’s stock valued at $18,586,000 after purchasing an additional 426,953 shares during the last quarter. Invesco Ltd. boosted its stake in SunPower by 4.4% during the 2nd quarter. Invesco Ltd. now owns 4,709,682 shares of the semiconductor company’s stock valued at $137,618,000 after purchasing an additional 196,806 shares during the period. Autonomy Capital Jersey L.P. bought a new stake in SunPower during the 2nd quarter valued at approximately $5,283,000. First Trust Advisors LP boosted its stake in SunPower by 7.0% during the 2nd quarter. First Trust Advisors LP now owns 1,720,208 shares of the semiconductor company’s stock valued at $50,264,000 after purchasing an additional 112,306 shares during the period. Finally, Lisanti Capital Growth LLC bought a new stake in SunPower during the 2nd quarter valued at approximately $3,275,000. Institutional investors own 32.12% of the company’s stock.

In other news, CFO Manavendra Sial sold 12,634 shares of SunPower stock in a transaction on Monday, November 8th. The shares were sold at an average price of $32.90, for a total transaction of $415,658.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.67% of the company’s stock.

A number of equities analysts have recently issued reports on the company. Piper Sandler dropped their target price on SunPower from $26.00 to $19.00 and set a “neutral” rating for the company in a report on Friday, January 7th. Evercore ISI started coverage on SunPower in a research note on Wednesday, September 22nd. They issued an “outperform” rating and a $27.00 target price for the company. Raymond James raised SunPower from a “market perform” rating to an “outperform” rating and set a $26.00 target price for the company in a research note on Tuesday, January 4th. Truist Securities reduced their price target on SunPower from $28.00 to $26.00 and set a “hold” rating on the stock in a research report on Wednesday, October 6th. Finally, Truist reduced their target price on SunPower from $28.00 to $26.00 and set a “hold” rating on the stock in a report on Wednesday, October 6th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, SunPower currently has a consensus rating of “Hold” and a consensus price target of $26.29.

NASDAQ:SPWR opened at $20.16 on Friday. The firm has a 50-day moving average price of $24.73 and a two-hundred day moving average price of $24.91. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.28 and a current ratio of 2.89. SunPower Co. has a 52 week low of $18.55 and a 52 week high of $57.52. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 5.19 and a beta of 2.02.

SunPower (NASDAQ:SPWR) last released its quarterly earnings data on Wednesday, November 3rd. The semiconductor company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. SunPower had a net margin of 27.71% and a return on equity of 8.15%. The business had revenue of $323.64 million during the quarter, compared to analyst estimates of $325.52 million. During the same period in the previous year, the business earned ($0.06) EPS. As a group, sell-side analysts forecast 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.

Further Reading: Street Name

Want to see what other hedge funds are holding SPWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SunPower Co. (NASDAQ:SPWR).

Institutional Ownership by Quarter for SunPower (NASDAQ:SPWR)

Receive News & Ratings for SunPower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SunPower and related companies with MarketBeat.com's FREE daily email newsletter.