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

Morgan Stanley reaffirmed their underweight rating on shares of Maxeon Solar Technologies (NASDAQ:MAXN) in a report released on Friday, MarketBeat Ratings reports. The firm currently has a $4.00 price target on the stock.

Maxeon Solar Technologies Price Performance

Shares of Maxeon Solar Technologies stock opened at $9.98 on Friday. The company has a 50 day simple moving average of $363.96 and a two-hundred day simple moving average of $6,779.97. The firm has a market cap of $5.49 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 announced its earnings results on Tuesday, September 3rd. The company reported $300.00 earnings per share (EPS) for the quarter, topping 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 company had revenue of $184.22 million during the quarter, compared to analyst estimates of $175.35 million. As a group, research analysts anticipate that Maxeon Solar Technologies will post -27 earnings per share for the current year.

Institutional Trading of Maxeon Solar Technologies

A number of hedge funds have recently bought and sold shares of MAXN. Paloma Partners Management Co bought a new position in Maxeon Solar Technologies during the first quarter valued at approximately $44,000. XTX Topco Ltd boosted its stake in shares of Maxeon Solar Technologies by 343.8% in the 3rd 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Maxeon Solar Technologies by 275.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,612 shares of the company’s stock valued at $72,000 after purchasing an additional 62,054 shares during the last quarter. Point72 DIFC Ltd purchased a new position in Maxeon Solar Technologies in the 2nd quarter worth $86,000. Finally, Verition Fund Management LLC bought a new stake in Maxeon Solar Technologies in the third quarter worth $113,000. Institutional investors own 47.67% of the company’s stock.

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.