SunPower Target of Unusually Large Options Trading (NASDAQ:SPWR)

SunPower Co. (NASDAQ:SPWR) saw unusually large options trading on Tuesday. Investors purchased 33,185 call options on the stock. This represents an increase of 42% compared to the average daily volume of 23,309 call options.

SunPower Price Performance

SPWR stock traded up $0.37 during trading hours on Tuesday, reaching $1.09. The stock had a trading volume of 99,674,242 shares, compared to its average volume of 11,226,757. The stock has a 50-day simple moving average of $2.79 and a 200 day simple moving average of $2.89. SunPower has a fifty-two week low of $0.50 and a fifty-two week high of $11.89. The stock has a market capitalization of $190.97 million, a PE ratio of -0.58 and a beta of 1.86.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SPWR shares. Scotiabank decreased their price objective on SunPower from $6.00 to $4.00 and set a “sector perform” rating for the company in a research report on Monday, April 29th. Wolfe Research lowered shares of SunPower from a “peer perform” rating to an “underperform” rating and set a $2.00 price target on the stock. in a research note on Wednesday, May 15th. Citigroup lowered their price objective on shares of SunPower from $2.50 to $0.25 and set a “sell” rating for the company in a research report on Friday. Susquehanna dropped their price objective on shares of SunPower from $3.00 to $2.50 and set a “neutral” rating on the stock in a report on Monday, July 15th. Finally, Mizuho lowered shares of SunPower from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $4.00 to $0.50 in a research note on Friday. Thirteen equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $4.05.

Institutional Investors Weigh In On SunPower

Several hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC increased its position in SunPower by 530.1% during the second quarter. SG Americas Securities LLC now owns 1,646,592 shares of the semiconductor company’s stock worth $4,874,000 after buying an additional 1,385,270 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of SunPower by 193.0% during the 4th quarter. Federated Hermes Inc. now owns 1,708,133 shares of the semiconductor company’s stock worth $8,250,000 after acquiring an additional 1,125,231 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in SunPower in the 1st quarter valued at $932,000. Quadrature Capital Ltd lifted its holdings in SunPower by 117.7% during the 1st quarter. Quadrature Capital Ltd now owns 343,628 shares of the semiconductor company’s stock valued at $1,034,000 after purchasing an additional 185,761 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in SunPower by 1.6% during the third quarter. Vanguard Group Inc. now owns 9,443,481 shares of the semiconductor company’s stock worth $58,266,000 after purchasing an additional 145,367 shares during the period. 47.36% of the stock is currently owned by institutional investors and hedge funds.

About SunPower

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.