The stock of SunPower Corporation (NASDAQ:SPWR) hit a new 52-week low and has $6.60 target or 9.00% below today’s $7.25 share price. The 5 months bearish chart indicates high risk for the $965.41M company. The 1-year low was reported on Oct, 31 by Barchart.com. If the $6.60 price target is reached, the company will be worth $86.89 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 1.07M shares traded hands. SunPower Corporation (NASDAQ:SPWR) has declined 66.84% since March 29, 2016 and is downtrending. It has underperformed by 70.32% the S&P500.
SunPower Corporation (NASDAQ:SPWR) Ratings Coverage
Out of 18 analysts covering SunPower (NASDAQ:SPWR), 7 rate it a “Buy”, 1 “Sell”, while 10 “Hold”. This means 39% are positive. SunPower has been the topic of 31 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Guggenheim initiated the shares of SPWR in a report on Wednesday, April 13 with “Neutral” rating. The stock of SunPower Corporation (NASDAQ:SPWR) earned “Hold” rating by Deutsche Bank on Wednesday, August 10. Oppenheimer initiated SunPower Corporation (NASDAQ:SPWR) rating on Tuesday, September 8. Oppenheimer has “Outperform” rating and $31 price target. The firm has “Equal Weight” rating by Barclays Capital given on Tuesday, September 1. The stock has “Neutral” rating given by Credit Suisse on Wednesday, August 10. UBS maintained SunPower Corporation (NASDAQ:SPWR) rating on Wednesday, August 10. UBS has “Buy” rating and $13 price target. The company was maintained on Thursday, October 29 by RBC Capital Markets. As per Wednesday, August 10, the company rating was downgraded by Janney Capital. The firm has “Neutral” rating by Goldman Sachs given on Tuesday, January 5. The firm has “Mkt Underperform” rating given on Thursday, September 8 by JMP Securities.
According to Zacks Investment Research, “SunPower Corp. designs and manufactures high-efficiency silicon solar cells and solar panels based on an all-back contact cell design. SunPower’s solar cells and panels generate electricity from sunlight for residential, commercial and remote power applications. Its proprietary all back contact silicon solar cell technology produces more power per square foot compared to conventional solar cells.”
Insitutional Activity: The institutional sentiment increased to 1.21 in 2016 Q2. Its up 0.13, from 1.08 in 2016Q1. The ratio is positive, as 27 funds sold all SunPower Corporation shares owned while 48 reduced positions. 20 funds bought stakes while 71 increased positions. They now own 51.40 million shares or 0.09% less from 51.44 million shares in 2016Q1.
Boston Common Asset Limited Liability Company, a Massachusetts-based fund reported 25,375 shares. First Manhattan owns 100 shares or 0% of their US portfolio. Guggenheim Llc, a Illinois-based fund reported 768,052 shares. Susquehanna Intl Group Inc Llp has invested 0.01% of its portfolio in SunPower Corporation (NASDAQ:SPWR). Essex Investment Mngmt Com Ltd Com holds 0.11% of its portfolio in SunPower Corporation (NASDAQ:SPWR) for 40,807 shares. Carroll Assoc has 0% invested in the company for 34 shares. Jupiter Asset Mgmt Limited owns 403,874 shares or 0.24% of their US portfolio. Rhumbline Advisers holds 0% of its portfolio in SunPower Corporation (NASDAQ:SPWR) for 45,352 shares. D E Shaw Incorporated, a New York-based fund reported 59,030 shares. The Connecticut-based Tudor Et Al has invested 0.01% in SunPower Corporation (NASDAQ:SPWR). Moreover, Morgan Stanley has 0% invested in SunPower Corporation (NASDAQ:SPWR) for 206,456 shares. Comml Bank Of America Corporation De last reported 0% of its portfolio in the stock. Summit Securities Grp Incorporated Ltd Liability last reported 13,587 shares in the company. Moreover, New York State Common Retirement Fund has 0% invested in SunPower Corporation (NASDAQ:SPWR) for 156,300 shares. Guinness Asset Management, a United Kingdom-based fund reported 180,877 shares.
Another recent and important SunPower Corporation (NASDAQ:SPWR) news was published by Fool.com which published an article titled: “Why SunPower Corporation’s Shares Plunged 10% in September” on October 05, 2016.
SPWR Company Profile
SunPower Corporation (SunPower), incorporated on May 25, 2004, is a global energy company. The Firm provides solar technology to residential, commercial and utility clients worldwide. The Firm operates through three divisions: Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation. The Firm sells panels and balance of system components, primarily to dealers, system integrators and distributors. It designs, makes, and sells rooftop and ground-mounted solar power systems under construction and development agreements. The Firm offers post-installation systems monitoring and maintenance in connection with its construction contracts and commercial power purchase.
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