Mitsubishi UFJ Kokusai Asset Management Co. Ltd. decreased its stake in Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN – Get Rating) by 16.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 51,149 shares of the company’s stock after selling 9,737 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Maxeon Solar Technologies were worth $1,216,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Invesco Ltd. increased its holdings in shares of Maxeon Solar Technologies by 3.0% in the 1st quarter. Invesco Ltd. now owns 3,011,818 shares of the company’s stock worth $43,611,000 after buying an additional 87,838 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Maxeon Solar Technologies by 25.3% in the 1st quarter. BlackRock Inc. now owns 1,237,591 shares of the company’s stock worth $17,920,000 after buying an additional 249,530 shares during the last quarter. KBC Group NV increased its holdings in shares of Maxeon Solar Technologies by 127.8% in the 2nd quarter. KBC Group NV now owns 159,662 shares of the company’s stock worth $2,122,000 after buying an additional 89,573 shares during the last quarter. Eaton Vance Management bought a new position in shares of Maxeon Solar Technologies in the 1st quarter worth $1,701,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Maxeon Solar Technologies by 150.8% in the 2nd quarter. Renaissance Technologies LLC now owns 75,000 shares of the company’s stock worth $997,000 after buying an additional 45,100 shares during the last quarter. Institutional investors own 56.08% of the company’s stock.
Analyst Upgrades and Downgrades
Separately, Raymond James raised shares of Maxeon Solar Technologies from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a report on Wednesday, January 4th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Maxeon Solar Technologies has a consensus rating of “Moderate Buy” and an average price target of $24.40.
Maxeon Solar Technologies Price Performance
Maxeon Solar Technologies (NASDAQ:MAXN – Get Rating) last released its earnings results on Thursday, November 10th. The company reported ($1.09) EPS for the quarter, beating the consensus estimate of ($1.63) by $0.54. Maxeon Solar Technologies had a negative net margin of 27.67% and a negative return on equity of 116.75%. The company had revenue of $275.45 million for the quarter, compared to analyst estimates of $277.75 million. Research analysts predict that Maxeon Solar Technologies, Ltd. will post -6.03 earnings per share for the current year.
Maxeon Solar Technologies 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.
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