Short Interest in Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Rises By 53.1%

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,520,000 shares, a growth of 53.1% from the October 15th total of 992,700 shares. Approximately 33.5% of the shares of the company are short sold. Based on an average daily volume of 1,220,000 shares, the days-to-cover ratio is currently 1.2 days.

Analysts Set New Price Targets

Separately, Morgan Stanley restated an “underweight” rating and issued a $4.00 price target on shares of Maxeon Solar Technologies in a research report on Friday. Five investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat, Maxeon Solar Technologies has an average rating of “Reduce” and an average price target of $26,072.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. 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 buying an additional 5,941 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Maxeon Solar Technologies by 10.1% in the 1st quarter. Vanguard Group Inc. now owns 1,277,907 shares of the company’s stock worth $4,255,000 after acquiring an additional 117,594 shares during the period. Paloma Partners Management Co bought a new position in shares of Maxeon Solar Technologies in the first quarter valued at approximately $44,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Maxeon Solar Technologies by 275.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,612 shares of the company’s stock valued at $72,000 after acquiring an additional 62,054 shares during the period. Finally, Cowen AND Company LLC acquired a new position in shares of Maxeon Solar Technologies during the second quarter valued at approximately $760,000. Institutional investors own 47.67% of the company’s stock.

Maxeon Solar Technologies Stock Performance

Shares of MAXN traded down $1.52 during midday trading on Friday, hitting $9.98. 1,012,612 shares of the stock traded hands, compared to its average volume of 596,801. The business’s 50 day moving average price is $363.96 and its two-hundred day moving average price is $6,955.94. The firm has a market capitalization of $5.48 million, a PE ratio of -0.01 and a beta of 1.42. Maxeon Solar Technologies has a 1-year low of $4.98 and a 1-year high of $779.99.

Maxeon Solar Technologies (NASDAQ:MAXN) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $300.00 earnings per share for the quarter, beating 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 analysts’ expectations of $175.35 million. As a group, equities research analysts forecast that Maxeon Solar Technologies will post -27 EPS for the current fiscal year.

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.