Short Interest in Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Decreases By 27.2% – MarketBeat

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Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN – Get Rating) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 2,710,000 shares, a decline of 27.2% from the October 15th total of 3,720,000 shares. Based on an average daily trading volume, of 690,900 shares, the days-to-cover ratio is presently 3.9 days. Currently, 11.9% of the company’s shares are sold short.

Analyst Ratings Changes

Several research analysts have commented on the stock. Morgan Stanley lifted their price objective on shares of Maxeon Solar Technologies from $14.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 18th. Northland Securities began coverage on shares of Maxeon Solar Technologies in a research note on Monday, August 8th. They set an “outperform” rating and a $22.00 target price for the company. Raymond James lowered shares of Maxeon Solar Technologies from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 16th. The Goldman Sachs Group raised shares of Maxeon Solar Technologies from a “sell” rating to a “buy” rating and boosted their target price for the company from $9.00 to $27.00 in a research note on Wednesday, September 7th. Finally, Bank of America boosted their target price on shares of Maxeon Solar Technologies from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, September 16th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $23.60.

Maxeon Solar Technologies Stock Up 7.7 %

NASDAQ:MAXN opened at $21.01 on Friday. Maxeon Solar Technologies has a 1-year low of $7.48 and a 1-year high of $27.99. The company has a 50-day moving average of $20.49 and a 200 day moving average of $16.40. The firm has a market cap of $929.69 million, a PE ratio of -3.23 and a beta of 0.75. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.11 and a quick ratio of 0.60.
Maxeon Solar Technologies (NASDAQ:MAXN – Get Rating) last announced its earnings results on Thursday, August 18th. The company reported ($2.15) EPS for the quarter, missing analysts’ consensus estimates of ($1.66) by ($0.49). The firm had revenue of $238.08 million during the quarter, compared to the consensus estimate of $222.13 million. Maxeon Solar Technologies had a negative return on equity of 94.81% and a negative net margin of 31.64%. During the same quarter in the prior year, the firm posted ($1.99) earnings per share. As a group, research analysts anticipate that Maxeon Solar Technologies will post -6.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Maxeon Solar Technologies

A number of large investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its holdings in shares of Maxeon Solar Technologies by 4.6% during the third quarter. Envestnet Asset Management Inc. now owns 12,884 shares of the company’s stock valued at $306,000 after acquiring an additional 566 shares in the last quarter. Credit Suisse AG increased its holdings in shares of Maxeon Solar Technologies by 31.1% during the third quarter. Credit Suisse AG now owns 23,594 shares of the company’s stock valued at $561,000 after acquiring an additional 5,592 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Maxeon Solar Technologies during the third quarter valued at about $100,000. Fox Run Management L.L.C. acquired a new position in shares of Maxeon Solar Technologies during the third quarter valued at about $420,000. Finally, Jump Financial LLC acquired a new position in shares of Maxeon Solar Technologies during the third quarter valued at about $1,016,000. 56.08% of the stock is currently owned by institutional investors.

Maxeon Solar Technologies Company Profile

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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.

Further Reading

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