Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Short Interest Down 24.2% in December

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) was the target of a significant decrease in short interest in December. As of December 31st, there was short interest totalling 810,900 shares, a decrease of 24.2% from the December 15th total of 1,070,000 shares. Based on an average trading volume of 1,330,000 shares, the days-to-cover ratio is currently 0.6 days. Currently, 15.5% of the company’s stock are short sold.

Hedge Funds Weigh In On Maxeon Solar Technologies

Hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd bought a new position in shares of Maxeon Solar Technologies in the second quarter valued at approximately $130,000. Point72 DIFC Ltd purchased a new stake in Maxeon Solar Technologies in the 2nd quarter valued at $86,000. Electron Capital Partners LLC lifted its stake in Maxeon Solar Technologies by 806.5% during the 2nd quarter. Electron Capital Partners LLC now owns 1,083,762 shares of the company’s stock valued at $924,000 after acquiring an additional 964,211 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Maxeon Solar Technologies during the 3rd quarter worth $204,000. Finally, Verition Fund Management LLC bought a new stake in shares of Maxeon Solar Technologies in the 3rd quarter worth $113,000. Institutional investors and hedge funds own 47.67% of the company’s stock.

Maxeon Solar Technologies Price Performance

Shares of NASDAQ MAXN traded down $0.18 during mid-day trading on Wednesday, reaching $6.40. 437,437 shares of the company’s stock traded hands, compared to its average volume of 378,215. The business has a 50-day simple moving average of $8.02 and a 200 day simple moving average of $774.94. The stock has a market cap of $3.51 million, a P/E ratio of -0.01 and a beta of 1.35. Maxeon Solar Technologies has a 1-year low of $4.98 and a 1-year high of $602.00.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley reaffirmed an “underweight” rating and issued a $4.00 price target on shares of Maxeon Solar Technologies in a research note on Friday, November 15th. Five research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $26,072.00.

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.