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

Maxeon Solar Technologies (NASDAQ:MAXN)‘s stock had its “underweight” rating reiterated by equities research analysts at Morgan Stanley in a research report issued on Friday, Marketbeat Ratings reports. They presently have a $4.00 target price on the stock. Morgan Stanley’s price objective would indicate a potential downside of 59.92% from the stock’s current price.

Maxeon Solar Technologies Stock Performance

Maxeon Solar Technologies stock opened at $9.98 on Friday. Maxeon Solar Technologies has a 1 year low of $4.98 and a 1 year high of $779.99. The company’s 50-day moving average is $363.96 and its two-hundred day moving average is $6,868.22.

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

Institutional Investors Weigh In On Maxeon Solar Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MAXN. GSA Capital Partners LLP acquired a new position in shares of Maxeon Solar Technologies during the 3rd quarter worth about $204,000. Verition Fund Management LLC acquired a new position in Maxeon Solar Technologies during the third quarter valued at approximately $113,000. Electron Capital Partners LLC increased its stake in Maxeon Solar Technologies by 806.5% in the second quarter. Electron Capital Partners LLC now owns 1,083,762 shares of the company’s stock valued at $924,000 after purchasing an additional 964,211 shares in the last quarter. Cowen AND Company LLC bought a new stake in Maxeon Solar Technologies in the second quarter valued at approximately $760,000. Finally, XTX Topco Ltd raised its holdings in Maxeon Solar Technologies by 343.8% in the third quarter. XTX Topco Ltd now owns 674,890 shares of the company’s stock worth $65,000 after purchasing an additional 522,830 shares during the period. Institutional investors own 47.67% of the company’s stock.

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.