Maxeon Solar Technologies (NASDAQ:MAXN) PT Lowered to $18.00

Maxeon Solar Technologies (NASDAQ:MAXN) had its target price lowered by equities researchers at The Goldman Sachs Group from $21.00 to $18.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 231.49% from the stock’s current price.

Several other research analysts also recently commented on MAXN. UBS Group assumed coverage on shares of Maxeon Solar Technologies in a research note on Monday, October 2nd. They issued a “neutral” rating and a $13.00 price target on the stock. Northland Securities cut shares of Maxeon Solar Technologies from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $25.00 to $7.00 in a report on Thursday. Bank of America cut shares of Maxeon Solar Technologies from a “buy” rating to a “neutral” rating and lowered their price target for the company from $31.00 to $12.00 in a report on Monday, October 16th. Roth Mkm cut shares of Maxeon Solar Technologies from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $25.00 to $10.00 in a research note on Wednesday, October 11th. Finally, Roth Capital cut shares of Maxeon Solar Technologies from a “buy” rating to a “neutral” rating in a research note on Wednesday, October 11th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.57.

Maxeon Solar Technologies Price Performance

Shares of Maxeon Solar Technologies stock opened at $5.43 on Thursday. The stock has a market cap of $285.24 million, a price-to-earnings ratio of -1.50 and a beta of 1.75. The stock has a 50 day moving average price of $9.12 and a 200-day moving average price of $19.15. Maxeon Solar Technologies has a one year low of $4.88 and a one year high of $38.91. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.12 and a current ratio of 1.77.

Maxeon Solar Technologies (NASDAQ:MAXN) last released its earnings results on Wednesday, November 15th. The company reported ($2.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($1.35). The firm had revenue of $227.60 million during the quarter, compared to the consensus estimate of $226.85 million. Maxeon Solar Technologies had a negative return on equity of 125.37% and a negative net margin of 13.56%. Maxeon Solar Technologies’s revenue was down 17.4% compared to the same quarter last year. During the same quarter last year, the business posted ($1.09) EPS. Equities analysts expect that Maxeon Solar Technologies will post -1.19 EPS for the current year.

Institutional Investors Weigh In On Maxeon Solar Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in MAXN. Driehaus Capital Management LLC grew its holdings in shares of Maxeon Solar Technologies by 207.1% during the second quarter. Driehaus Capital Management LLC now owns 1,097,612 shares of the company’s stock worth $30,909,000 after buying an additional 740,252 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Maxeon Solar Technologies by 889.6% during the second quarter. Marshall Wace LLP now owns 634,698 shares of the company’s stock worth $17,873,000 after buying an additional 570,563 shares in the last quarter. Schroder Investment Management Group grew its holdings in shares of Maxeon Solar Technologies by 75.6% during the second quarter. Schroder Investment Management Group now owns 1,242,428 shares of the company’s stock worth $34,987,000 after buying an additional 534,945 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of Maxeon Solar Technologies by 1,153.9% during the 1st quarter. Two Sigma Investments LP now owns 576,084 shares of the company’s stock valued at $15,289,000 after acquiring an additional 530,139 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Maxeon Solar Technologies by 35.2% during the 2nd quarter. BlackRock Inc. now owns 1,902,209 shares of the company’s stock valued at $53,566,000 after acquiring an additional 494,825 shares during the last quarter.

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.