Maxeon Solar Technologies’ (MAXN) Underweight Rating Reaffirmed at Morgan Stanley

Morgan Stanley reaffirmed their underweight rating on shares of Maxeon Solar Technologies (NASDAQ:MAXN) in a research note released on Friday, MarketBeat reports. They currently have a $4.00 price target on the stock.

Maxeon Solar Technologies Trading Down 13.2 %

Shares of MAXN stock traded down $1.52 during trading hours on Friday, hitting $9.98. The company’s stock had a trading volume of 1,012,612 shares, compared to its average volume of 596,801. The stock has a market cap of $5.48 million, a PE ratio of -0.01 and a beta of 1.42. Maxeon Solar Technologies has a 12-month low of $4.98 and a 12-month high of $779.99. The company has a 50 day moving average of $363.96 and a 200 day moving average of $6,955.94.

Maxeon Solar Technologies (NASDAQ:MAXN) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $300.00 EPS for the quarter, beating the consensus estimate of ($11,200.00) by $11,500.00. The company had revenue of $184.22 million for the quarter, compared to analyst estimates of $175.35 million. Maxeon Solar Technologies had a negative net margin of 43.85% and a negative return on equity of 1,598.11%. As a group, analysts anticipate that Maxeon Solar Technologies will post -27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Paloma Partners Management Co purchased a new stake in Maxeon Solar Technologies in the 1st quarter worth approximately $44,000. XTX Topco Ltd lifted its stake in shares of Maxeon Solar Technologies by 343.8% in the 3rd quarter. XTX Topco Ltd now owns 674,890 shares of the company’s stock valued at $65,000 after purchasing an additional 522,830 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Maxeon Solar Technologies by 275.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,612 shares of the company’s stock worth $72,000 after buying an additional 62,054 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Maxeon Solar Technologies during the second quarter valued at $86,000. Finally, Verition Fund Management LLC purchased a new position in Maxeon Solar Technologies in the third quarter valued at $113,000. 47.67% of the stock is currently owned by hedge funds and other institutional investors.

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.