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

Shares of Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) have earned a consensus recommendation of “Reduce” from the ten ratings firms that are currently covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $4.41.

Several research firms have issued reports on MAXN. Mizuho cut their price target on shares of Maxeon Solar Technologies from $7.00 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Northland Securities lowered Maxeon Solar Technologies from a “market perform” rating to an “under perform” rating and reduced their target price for the company from $7.00 to $0.50 in a research report on Friday, May 31st. Roth Mkm lowered their price target on Maxeon Solar Technologies from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Friday, May 31st. Raymond James downgraded shares of Maxeon Solar Technologies from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 9th. Finally, UBS Group lowered their target price on shares of Maxeon Solar Technologies from $3.00 to $2.75 and set a “sell” rating for the company in a research note on Tuesday, April 9th.

Institutional Trading of Maxeon Solar Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of MAXN. Barclays PLC boosted its position in Maxeon Solar Technologies by 35.4% in the 3rd quarter. Barclays PLC now owns 18,511 shares of the company’s stock worth $215,000 after purchasing an additional 4,840 shares in the last quarter. Swiss National Bank grew its position in Maxeon Solar Technologies by 8.9% during the third quarter. Swiss National Bank now owns 75,600 shares of the company’s stock valued at $876,000 after buying an additional 6,200 shares during the period. Invesco Ltd. increased its holdings in Maxeon Solar Technologies by 16.9% in the third quarter. Invesco Ltd. now owns 1,634,731 shares of the company’s stock valued at $18,947,000 after buying an additional 235,823 shares in the last quarter. Teza Capital Management LLC acquired a new position in shares of Maxeon Solar Technologies in the third quarter worth about $429,000. Finally, Seven Eight Capital LP boosted its stake in shares of Maxeon Solar Technologies by 55.1% during the 3rd quarter. Seven Eight Capital LP now owns 61,369 shares of the company’s stock worth $711,000 after acquiring an additional 21,802 shares in the last quarter. 47.67% of the stock is owned by institutional investors and hedge funds.

Maxeon Solar Technologies Trading Down 23.8 %

Shares of NASDAQ MAXN opened at $0.85 on Tuesday. Maxeon Solar Technologies has a 1-year low of $0.85 and a 1-year high of $29.41. The business has a fifty day moving average price of $2.02 and a 200 day moving average price of $3.61. The stock has a market capitalization of $46.81 million, a P/E ratio of -0.11 and a beta of 1.59. The company has a debt-to-equity ratio of 83.32, a current ratio of 1.36 and a quick ratio of 0.56.

Maxeon Solar Technologies (NASDAQ:MAXN) last released its quarterly earnings results on Thursday, May 30th. The company reported ($1.59) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.57). Maxeon Solar Technologies had a negative net margin of 37.92% and a negative return on equity of 390.12%. The firm had revenue of $187.46 million for the quarter, compared to analysts’ expectations of $186.20 million. Equities research analysts expect that Maxeon Solar Technologies will post -3.34 EPS for the current fiscal year.

About Maxeon Solar Technologies

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.