Mark Asset Management LP lifted its holdings in SunPower Co. (NASDAQ:SPWR) by 160.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 552,154 shares of the semiconductor company’s stock after purchasing an additional 340,324 shares during the quarter. Mark Asset Management LP owned 0.32% of SunPower worth $4,229,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. ETF Managers Group LLC boosted its stake in SunPower by 11.4% during the first quarter. ETF Managers Group LLC now owns 43,372 shares of the semiconductor company’s stock valued at $234,000 after buying an additional 4,448 shares in the last quarter. Invesco Ltd. increased its holdings in shares of SunPower by 36.3% during the 1st quarter. Invesco Ltd. now owns 4,173,533 shares of the semiconductor company’s stock valued at $21,159,000 after acquiring an additional 1,112,016 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of SunPower by 8.6% during the 1st quarter. Federated Hermes Inc. now owns 2,465,804 shares of the semiconductor company’s stock valued at $12,502,000 after acquiring an additional 195,514 shares during the last quarter. Swiss National Bank increased its holdings in shares of SunPower by 3.0% during the 1st quarter. Swiss National Bank now owns 179,100 shares of the semiconductor company’s stock valued at $908,000 after acquiring an additional 5,200 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in SunPower by 40.2% in the 1st quarter. Wells Fargo & Company MN now owns 283,664 shares of the semiconductor company’s stock valued at $1,438,000 after buying an additional 81,310 shares during the last quarter. 39.29% of the stock is owned by institutional investors.
Shares of NASDAQ:SPWR traded down $0.13 during mid-day trading on Friday, reaching $11.09. The company had a trading volume of 6,613,041 shares, compared to its average volume of 6,029,834. The company has a current ratio of 1.03, a quick ratio of 0.69 and a debt-to-equity ratio of 13.69. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 554.78 and a beta of 2.35. The company’s 50-day moving average price is $10.98 and its 200-day moving average price is $8.19. SunPower Co. has a one year low of $4.03 and a one year high of $15.57.
SunPower (NASDAQ:SPWR) last posted its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.26. The company had revenue of $352.91 million during the quarter, compared to the consensus estimate of $314.85 million. On average, research analysts anticipate that SunPower Co. will post -0.69 EPS for the current fiscal year.
In other SunPower news, insider Vichheka Heang sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the sale, the insider now owns 15,981 shares of the company’s stock, valued at approximately $196,406.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas H. Werner sold 80,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $13.00, for a total transaction of $1,040,000.00. Following the sale, the chief executive officer now directly owns 680,342 shares in the company, valued at approximately $8,844,446. The disclosure for this sale can be found here. Insiders sold a total of 170,000 shares of company stock worth $2,141,300 in the last ninety days. 1.11% of the stock is currently owned by insiders.
A number of research firms have issued reports on SPWR. Credit Suisse Group lowered their target price on SunPower from $13.00 to $12.00 and set an “outperform” rating on the stock in a report on Monday, August 31st. ValuEngine raised SunPower from a “hold” rating to a “buy” rating in a report on Friday, June 19th. Roth Capital reaffirmed a “hold” rating and issued a $9.00 target price on shares of SunPower in a report on Friday, July 17th. Barclays raised their target price on SunPower from $2.50 to $5.00 and gave the company an “underweight” rating in a report on Wednesday, July 22nd. Finally, UBS Group lifted their price objective on SunPower from $5.50 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $8.81.
SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.
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