In a report on Tuesday, Zacks Investment Research lowered their SunPower Corporation (NASDAQ:$SPWR) stock rating from ‘Buy’ to ‘Hold’.
“SunPower is gradually shifting its revenue base from solar panel sales to the development of solar projects, power plants and engineering, procurement and construction (EPC) systems. Meanwhile, it remains committed to provide high-performance solar power products to its customers. In the overseas, the company has plans to build six projects in many regions in Mexico with expected delivery dates of 2018 and 2019, and gross margin above 20%. However, rising cost is a major headwind for SunPower, given the constant need to come up with new and innovative technology. The company’s share price underperformed the broader industry in the last year,” says Zacks.
During midday trading on Tuesday, shares of SunPower hit $7.22, trading down 1.63%, on a volume of 415,337 shares. The company has a 52 week high of $11.70 and a 52 week low of $5.84. Their current market cap is $1.01 billion. They also currently have a 200 day moving average of $8.19 and a 50 day moving average of $8.55.