Maxeon Solar Technologies (NASDAQ:MAXN) Receives Underweight Rating from Morgan Stanley

Morgan Stanley reiterated their underweight rating on shares of Maxeon Solar Technologies (NASDAQ:MAXN) in a research report sent to investors on Friday morning, Marketbeat Ratings reports. The brokerage currently has a $4.00 price target on the stock.

Maxeon Solar Technologies Stock Performance

NASDAQ:MAXN opened at $9.19 on Friday. The stock has a market cap of $5.05 million, a price-to-earnings ratio of -0.01 and a beta of 1.42. The business has a fifty day moving average of $349.03 and a 200-day moving average of $6,622.28. 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 issued its earnings results on Tuesday, September 3rd. The company reported $300.00 earnings per share (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 business had revenue of $184.22 million for the quarter, compared to analysts’ expectations of $175.35 million. On average, equities research analysts predict that Maxeon Solar Technologies will post -27 EPS for the current year.

Hedge Funds Weigh In On Maxeon Solar Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd increased its position in shares of Maxeon Solar Technologies by 343.8% during the third 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. Verition Fund Management LLC bought a new stake in shares of Maxeon Solar Technologies during the third quarter worth $113,000. GSA Capital Partners LLP acquired a new position in Maxeon Solar Technologies in the third quarter valued at about $204,000. Electron Capital Partners LLC raised its position in shares of Maxeon Solar Technologies by 806.5% during the second quarter. Electron Capital Partners LLC now owns 1,083,762 shares of the company’s stock worth $924,000 after purchasing an additional 964,211 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in Maxeon Solar Technologies during the second quarter worth about $86,000. Institutional investors and hedge funds 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.