Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Short Interest Update

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

Analyst Ratings Changes

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

Institutional Trading of Maxeon Solar Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Paloma Partners Management Co purchased a new position in shares of Maxeon Solar Technologies in the 1st quarter valued at approximately $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 buying an additional 5,941 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Maxeon Solar Technologies by 275.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,612 shares of the company’s stock valued at $72,000 after buying an additional 62,054 shares during the period. Point72 DIFC Ltd purchased a new position in Maxeon Solar Technologies during the 2nd quarter worth $86,000. Finally, XTX Topco Ltd purchased a new position in Maxeon Solar Technologies during the 2nd quarter worth $130,000. 47.67% of the stock is owned by hedge funds and other institutional investors.

Maxeon Solar Technologies Trading Down 13.2 %

MAXN stock traded down $1.52 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 price-to-earnings ratio of -0.01 and a beta of 1.42. The firm has a 50 day moving average of $363.96 and a two-hundred day moving average of $6,955.94. 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 posted its quarterly earnings data on Tuesday, September 3rd. The company reported $300.00 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $184.22 million for the quarter, compared to analyst estimates of $175.35 million. As a group, equities analysts forecast that Maxeon Solar Technologies will post -27 EPS for the current fiscal year.

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.