Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Receives Average Recommendation of “Reduce” from Brokerages

Shares of Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) have been given a consensus recommendation of “Reduce” by the eight research firms that are presently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $33,214.29.

Separately, Morgan Stanley reissued an “underweight” rating and issued a $4.00 target price on shares of Maxeon Solar Technologies in a research report on Friday.

Maxeon Solar Technologies Stock Down 14.9 %

Shares of MAXN stock opened at $11.50 on Friday. Maxeon Solar Technologies has a twelve month low of $4.98 and a twelve month high of $779.99. The stock has a market cap of $6.31 million, a price-to-earnings ratio of -0.01 and a beta of 1.42. The business’s fifty day moving average is $380.26 and its 200 day moving average is $7,094.76.

Maxeon Solar Technologies (NASDAQ:MAXN) last released its earnings results on Tuesday, September 3rd. The company reported $300.00 EPS for the quarter, topping the consensus estimate of ($11,200.00) by $11,500.00. Maxeon Solar Technologies had a negative return on equity of 1,598.11% and a negative net margin of 43.85%. The business had revenue of $184.22 million for the quarter, compared to the consensus estimate of $175.35 million. Equities research analysts expect that Maxeon Solar Technologies will post -27 earnings per share for the current fiscal year.

Institutional Trading of Maxeon Solar Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GSA Capital Partners LLP purchased a new position in Maxeon Solar Technologies during the third quarter valued at approximately $204,000. Verition Fund Management LLC purchased a new position in shares of Maxeon Solar Technologies during the 3rd quarter valued at $113,000. Electron Capital Partners LLC lifted its stake in shares of Maxeon Solar Technologies by 806.5% during the 2nd quarter. Electron Capital Partners LLC now owns 1,083,762 shares of the company’s stock valued at $924,000 after buying an additional 964,211 shares in the last quarter. Cowen AND Company LLC bought a new position in Maxeon Solar Technologies in the 2nd quarter worth $760,000. Finally, XTX Topco Ltd purchased a new stake in Maxeon Solar Technologies in the 2nd quarter worth $130,000. Hedge funds and other institutional investors own 47.67% of the company’s stock.

Maxeon Solar Technologies Company Profile

Maxeon Solar Technologies, Ltd. designs, manufactures, markets, and sells solar panels and related solar system components worldwide. The company provides interdigitated back contact and shingled solar cells and panels under the SunPower brand. It offers its products to dealers, project developers, system integrators, distributors, resellers, and residential and small-scale commercial customers.