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

Shares of Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) have earned an average recommendation of “Reduce” from the eight research firms that are covering the stock, MarketBeat reports. Four analysts have rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $33,214.29.

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

Hedge Funds Weigh In On Maxeon Solar Technologies

Large investors have recently made changes to their positions in the company. Paloma Partners Management Co bought a new stake in Maxeon Solar Technologies in the first quarter worth about $44,000. SG Americas Securities LLC raised its holdings in shares of Maxeon Solar Technologies by 12.2% in the first quarter. SG Americas Securities LLC now owns 54,602 shares of the company’s stock worth $182,000 after buying an additional 5,941 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Maxeon Solar Technologies by 275.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,612 shares of the company’s stock worth $72,000 after acquiring an additional 62,054 shares during the last quarter. Point72 DIFC Ltd purchased a new position in Maxeon Solar Technologies during the 2nd quarter valued at $86,000. Finally, XTX Topco Ltd bought a new position in Maxeon Solar Technologies in the 2nd quarter valued at $130,000. 47.67% of the stock is owned by hedge funds and other institutional investors.

Maxeon Solar Technologies Trading Down 14.9 %

Shares of Maxeon Solar Technologies stock opened at $11.50 on Friday. The firm has a market cap of $6.31 million, a PE ratio of -0.01 and a beta of 1.42. The stock has a 50 day moving average of $380.26 and a 200 day moving average of $7,094.76. Maxeon Solar Technologies has a 12 month low of $4.98 and a 12 month high of $779.99.

Maxeon Solar Technologies (NASDAQ:MAXN) last posted its earnings results on Tuesday, September 3rd. The company reported $300.00 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $184.22 million during the quarter, compared to the consensus estimate of $175.35 million. As a group, equities research analysts forecast that Maxeon Solar Technologies will post -27 earnings per share 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.