5 Green Energy Stocks to Watch As Europe Cuts Reliance on Russia

4. SunPower Corporation (NASDAQ:SPWR)

Number of Hedge Fund Holders: 20

SunPower Corporation (NASDAQ:SPWR) is a California-based company that delivers residential, commercial, and industrial solar solutions worldwide. Maxeon Solar Technologies announced a new supply agreement with SunPower Corporation (NASDAQ:SPWR), governing the supply of solar panels from Maxeon to SunPower Corporation (NASDAQ:SPWR) for use in its residential channels in the U.S. and Canada.

On February 17, Baird analyst Ben Kallo lowered the price target on SunPower Corporation (NASDAQ:SPWR) to $20 from $34 and kept an Outperform rating on the shares. The analyst noted the company continues to transform into a residential-focused solar energy solutions company and with the recent announcement of the Commercial and Industrial Solutions business sale to TotalEnergies SE, he estimates that the company is now strategically complete and poised to outperform.

SunPower Corporation (NASDAQ:SPWR) reported its fourth quarter results on February 16, posting a GAAP EPS of $0.11, surpassing estimates by $0.15. The revenue jumped 12.50% from the prior-year quarter, reaching $384.53 million, outperforming estimates by $14.76 million. 

According to the Q4 database of Insider Monkey, 20 hedge funds were bullish on SunPower Corporation (NASDAQ:SPWR), with collective stakes amounting to $118 million. D E Shaw is the biggest stakeholder of the company, with 3.2 million shares worth $67.4 million.