Maxeon Solar Technologies (NASDAQ:MAXN) Earns “Underweight” Rating from Morgan Stanley

Maxeon Solar Technologies (NASDAQ:MAXN)‘s stock had its “underweight” rating restated by analysts at Morgan Stanley in a research report issued on Friday, Marketbeat reports. They currently have a $4.00 price target on the stock. Morgan Stanley’s price target points to a potential downside of 65.22% from the company’s previous close.

Maxeon Solar Technologies Stock Down 14.9 %

NASDAQ:MAXN opened at $11.50 on Friday. Maxeon Solar Technologies has a 52 week low of $4.98 and a 52 week high of $779.99. The business’s 50-day simple moving average is $380.26 and its two-hundred day simple moving average is $7,094.76. The stock has a market cap of $6.31 million, a PE ratio of -0.01 and a beta of 1.42.

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

Hedge Funds Weigh In On Maxeon Solar Technologies

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Maxeon Solar Technologies by 10.1% in the first quarter. Vanguard Group Inc. now owns 1,277,907 shares of the company’s stock worth $4,255,000 after purchasing an additional 117,594 shares during the last quarter. Cowen AND Company LLC bought a new stake in shares of Maxeon Solar Technologies during the 2nd quarter worth approximately $760,000. Paloma Partners Management Co purchased a new position in Maxeon Solar Technologies during the 1st quarter valued at $44,000. SG Americas Securities LLC grew its position in Maxeon Solar Technologies by 12.2% in the 1st quarter. SG Americas Securities LLC now owns 54,602 shares of the company’s stock valued at $182,000 after acquiring an additional 5,941 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new stake in Maxeon Solar Technologies in the third quarter worth $113,000. 47.67% of the stock is currently owned by 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.