First Trust Advisors LP Reduces Holdings in Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN)

First Trust Advisors LP decreased its position in shares of Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN – Get Rating) by 2.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 289,879 shares of the company’s stock after selling 8,333 shares during the period. First Trust Advisors LP’s holdings in Maxeon Solar Technologies were worth $6,890,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Maxeon Solar Technologies during the 3rd quarter worth $100,000. Quantbot Technologies LP increased its stake in Maxeon Solar Technologies by 1,609.4% during the 1st quarter. Quantbot Technologies LP now owns 11,402 shares of the company’s stock worth $165,000 after buying an additional 10,735 shares during the period. Envestnet Asset Management Inc. increased its stake in Maxeon Solar Technologies by 13.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 12,282 shares of the company’s stock worth $178,000 after buying an additional 1,468 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in Maxeon Solar Technologies during the 3rd quarter worth $219,000. Finally, Ergoteles LLC acquired a new position in Maxeon Solar Technologies during the 1st quarter worth $254,000. Hedge funds and other institutional investors own 56.08% of the company’s stock.

Maxeon Solar Technologies Trading Down 6.2 %

NASDAQ MAXN opened at $25.66 on Tuesday. Maxeon Solar Technologies, Ltd. has a one year low of $8.85 and a one year high of $28.95. The company has a 50-day simple moving average of $20.22 and a 200-day simple moving average of $20.40. The company has a debt-to-equity ratio of 7.91, a quick ratio of 0.85 and a current ratio of 1.37. The firm has a market capitalization of $1.16 billion, a PE ratio of -3.93 and a beta of 1.38.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Raymond James raised their price objective on shares of Maxeon Solar Technologies from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, March 8th. Roth Mkm raised their price objective on shares of Maxeon Solar Technologies from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, March 8th. The Goldman Sachs Group raised their price objective on shares of Maxeon Solar Technologies from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, March 9th. Finally, Northland Securities raised their price objective on shares of Maxeon Solar Technologies from $24.00 to $31.00 and gave the stock an “outperform” rating in a report on Wednesday, March 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.33.

Maxeon Solar Technologies Company Profile

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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.