UBS Group Lowers Maxeon Solar Technologies (NASDAQ:MAXN) Price Target to $7.00

Maxeon Solar Technologies (NASDAQ:MAXN) had its target price dropped by investment analysts at UBS Group from $11.00 to $7.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s price target indicates a potential upside of 28.91% from the stock’s previous close.

Several other brokerages also recently issued reports on MAXN. Roth Mkm lowered their price target on Maxeon Solar Technologies from $10.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday. Raymond James lowered their price target on Maxeon Solar Technologies from $20.00 to $10.00 and set an “outperform” rating for the company in a report on Thursday. Bank of America downgraded 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. Northland Securities downgraded 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. Finally, Morgan Stanley lowered their price target on Maxeon Solar Technologies from $22.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, October 17th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $10.57.

Maxeon Solar Technologies Price Performance

MAXN stock opened at $5.43 on Thursday. Maxeon Solar Technologies has a 1 year low of $4.88 and a 1 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. The stock’s 50 day moving average price is $9.12 and its 200 day moving average price is $19.15. The firm has a market cap of $285.24 million, a P/E ratio of -1.50 and a beta of 1.75.

Maxeon Solar Technologies (NASDAQ:MAXN) last issued its quarterly earnings results on Wednesday, November 15th. The company reported ($2.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($1.35). Maxeon Solar Technologies had a negative return on equity of 125.37% and a negative net margin of 13.56%. The business had revenue of $227.60 million for the quarter, compared to analysts’ expectations of $226.85 million. During the same period in the prior year, the company earned ($1.09) EPS. The company’s revenue for the quarter was down 17.4% compared to the same quarter last year. On average, sell-side analysts expect that Maxeon Solar Technologies will post -1.19 earnings per share for the current fiscal year.

Institutional Trading of Maxeon Solar Technologies

Several large investors have recently modified their holdings of MAXN. Envestnet Asset Management Inc. lifted its position in shares of Maxeon Solar Technologies by 13.6% during the first quarter. Envestnet Asset Management Inc. now owns 12,282 shares of the company’s stock worth $178,000 after purchasing an additional 1,468 shares during the last quarter. Swiss National Bank lifted its position in shares of Maxeon Solar Technologies by 115.6% during the first quarter. Swiss National Bank now owns 58,000 shares of the company’s stock worth $840,000 after purchasing an additional 31,100 shares during the last quarter. BlackRock Inc. lifted its position in shares of Maxeon Solar Technologies by 25.3% during the first quarter. BlackRock Inc. now owns 1,237,591 shares of the company’s stock worth $17,920,000 after purchasing an additional 249,530 shares during the last quarter. Ergoteles LLC bought a new position in shares of Maxeon Solar Technologies during the first quarter worth about $254,000. Finally, Renaissance Technologies LLC bought a new position in shares of Maxeon Solar Technologies during the first quarter worth about $433,000.

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.