Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN – Get Rating)'s share price rose 2.4% during mid-day trading on Friday after Bank of America raised their price target on the stock from $25.00 to $30.00. Bank of America currently has a buy rating on the stock. Maxeon Solar Technologies traded as high as $25.33 and last traded at $25.32. Approximately 23,706 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 599,290 shares. The stock had previously closed at $24.72.
Other equities analysts have also issued research reports about the company. The Goldman Sachs Group raised Maxeon Solar Technologies from a "sell" rating to a "buy" rating and increased their target price for the company from $9.00 to $27.00 in a research note on Wednesday, September 7th. Raymond James lowered Maxeon Solar Technologies from an "outperform" rating to a "market perform" rating in a research report on Tuesday, August 16th. Northland Securities assumed coverage on Maxeon Solar Technologies in a research report on Monday, August 8th. They set an "outperform" rating and a $22.00 price target on the stock. Finally, Morgan Stanley raised their price target on Maxeon Solar Technologies from $14.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 18th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.60.
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Institutional Investors Weigh In On Maxeon Solar Technologies
Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. grew its stake in Maxeon Solar Technologies by 3.0% in the first quarter. Invesco Ltd. now owns 3,011,818 shares of the company's stock valued at $43,611,000 after purchasing an additional 87,838 shares in the last quarter. Schroder Investment Management Group grew its stake in Maxeon Solar Technologies by 3.3% in the fourth quarter. Schroder Investment Management Group now owns 1,578,213 shares of the company's stock valued at $21,937,000 after purchasing an additional 50,215 shares in the last quarter. BlackRock Inc. grew its stake in Maxeon Solar Technologies by 25.3% in the first quarter. BlackRock Inc. now owns 1,237,591 shares of the company's stock valued at $17,920,000 after purchasing an additional 249,530 shares in the last quarter. tru Independence LLC grew its stake in Maxeon Solar Technologies by 95.3% in the first quarter. tru Independence LLC now owns 395,960 shares of the company's stock valued at $5,734,000 after purchasing an additional 193,235 shares in the last quarter. Finally, Green Alpha Advisors LLC boosted its stake in shares of Maxeon Solar Technologies by 391.5% during the 2nd quarter. Green Alpha Advisors LLC now owns 395,590 shares of the company's stock worth $5,257,000 after acquiring an additional 315,108 shares during the period. Institutional investors and hedge funds own 56.08% of the company's stock.
Maxeon Solar Technologies Price Performance
The company has a current ratio of 1.11, a quick ratio of 0.60 and a debt-to-equity ratio of 1.14. The company has a 50 day moving average price of $17.94 and a 200 day moving average price of $14.45. The company has a market capitalization of $1.13 billion, a P/E ratio of -3.64 and a beta of 1.58.
Maxeon Solar Technologies (NASDAQ:MAXN – Get Rating) last issued its earnings results on Thursday, August 18th. The company reported ($2.15) EPS for the quarter, missing the consensus estimate of ($1.66) by ($0.49). Maxeon Solar Technologies had a negative return on equity of 94.81% and a negative net margin of 31.64%. During the same period in the prior year, the company earned ($1.99) EPS. On average, equities analysts predict that Maxeon Solar Technologies, Ltd. will post -5.78 EPS for the current fiscal year.
About Maxeon Solar Technologies
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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.
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