Maxeon Solar Technologies (NASDAQ:MAXN) Trading Up 6.8% – Should You Buy?

Shares of Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) rose 6.8% during mid-day trading on Thursday . The company traded as high as $10.12 and last traded at $9.23. Approximately 2,939,167 shares were traded during mid-day trading, an increase of 472% from the average daily volume of 513,517 shares. The stock had previously closed at $8.64.

Maxeon Solar Technologies Stock Up 12.0 %

The firm has a 50 day simple moving average of $593.86 and a 200-day simple moving average of $8,301.04. The stock has a market cap of $5.68 million, a P/E ratio of -0.01 and a beta of 1.42.

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

Institutional Investors Weigh In On Maxeon Solar Technologies

Several institutional investors and hedge funds have recently made changes to their positions in MAXN. SG Americas Securities LLC lifted its stake in Maxeon Solar Technologies by 12.2% in the first 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 period. Vanguard Group Inc. lifted its position in Maxeon Solar Technologies by 10.1% in the 1st quarter. Vanguard Group Inc. now owns 1,277,907 shares of the company’s stock valued at $4,255,000 after acquiring an additional 117,594 shares in the last quarter. Paloma Partners Management Co purchased a new position in shares of Maxeon Solar Technologies during the first quarter valued at approximately $44,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Maxeon Solar Technologies by 275.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,612 shares of the company’s stock worth $72,000 after acquiring an additional 62,054 shares in the last quarter. Finally, Cowen AND Company LLC bought a new position in shares of Maxeon Solar Technologies during the 2nd quarter worth approximately $760,000. 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.