Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) have been assigned an average rating of “Moderate Buy” from the seven brokerages that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $35.00.

MAXN has been the topic of several research reports. Roth Mkm raised shares of Maxeon Solar Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $21.00 to $40.00 in a research report on Wednesday, June 14th. Raymond James reduced their price target on shares of Maxeon Solar Technologies from $34.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, August 11th. Roth Capital raised shares of Maxeon Solar Technologies from a “neutral” rating to a “buy” rating in a report on Wednesday, June 14th. Bank of America dropped their price objective on shares of Maxeon Solar Technologies from $37.00 to $33.00 in a research report on Friday, May 12th. Finally, 51job restated an “upgrade” rating on shares of Maxeon Solar Technologies in a report on Wednesday, June 14th.

Institutional Trading of Maxeon Solar Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in MAXN. California State Teachers Retirement System raised its position in Maxeon Solar Technologies by 48.6% in the 2nd quarter. California State Teachers Retirement System now owns 42,714 shares of the company’s stock valued at $1,203,000 after purchasing an additional 13,978 shares during the last quarter. Osaic Holdings Inc. raised its stake in Maxeon Solar Technologies by 37.1% during the 2nd quarter. Osaic Holdings Inc. now owns 11,437 shares of the company’s stock valued at $321,000 after acquiring an additional 3,096 shares during the last quarter. Alliancebernstein L.P. acquired a new stake in Maxeon Solar Technologies during the 2nd quarter worth approximately $748,000. Point72 Asset Management L.P. raised its stake in shares of Maxeon Solar Technologies by 7,874.7% during the second quarter. Point72 Asset Management L.P. now owns 224,887 shares of the company’s stock worth $6,333,000 after purchasing an additional 222,067 shares during the last quarter. Finally, Point72 Europe London LLP purchased a new stake in shares of Maxeon Solar Technologies during the second quarter worth approximately $2,554,000.

Maxeon Solar Technologies Trading Up 6.3 %

NASDAQ MAXN opened at $15.06 on Wednesday. The firm’s 50-day moving average is $22.75 and its two-hundred day moving average is $24.91. Maxeon Solar Technologies has a 12 month low of $13.25 and a 12 month high of $38.91. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.77 and a quick ratio of 1.12. The stock has a market capitalization of $683.87 million, a P/E ratio of -6.02 and a beta of 1.41.

Maxeon Solar Technologies (NASDAQ:MAXN) last issued its quarterly earnings results on Thursday, August 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.15. The business had revenue of $348.37 million for the quarter, compared to analysts’ expectations of $376.48 million. Maxeon Solar Technologies had a negative net margin of 8.03% and a negative return on equity of 77.32%. On average, sell-side analysts anticipate that Maxeon Solar Technologies will post -0.03 earnings per share for the current 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.