Maxeon Solar Technologies (NASDAQ:MAXN – Get Free Report) released its quarterly earnings results on Wednesday. The company reported ($2.21) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($1.35), Briefing.com reports. The firm had revenue of $227.60 million for the quarter, compared to analysts’ expectations of $226.85 million. Maxeon Solar Technologies had a negative net margin of 8.03% and a negative return on equity of 77.32%. The business’s quarterly revenue was down 17.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.09) EPS. Maxeon Solar Technologies updated its FY 2023 guidance to EPS and its Q4 2023 guidance to EPS.
Maxeon Solar Technologies Trading Down 7.0 %
NASDAQ MAXN traded down $0.43 during trading on Thursday, hitting $5.67. The stock had a trading volume of 1,844,311 shares, compared to its average volume of 1,202,760. Maxeon Solar Technologies has a one year low of $4.89 and a one year high of $38.91. The stock has a 50 day simple moving average of $9.49 and a 200 day simple moving average of $19.40. The stock has a market capitalization of $297.85 million, a price-to-earnings ratio of -2.17 and a beta of 1.75. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.12 and a current ratio of 1.77.
Institutional Investors Weigh In On Maxeon Solar Technologies
Hedge funds and other institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. boosted its holdings in Maxeon Solar Technologies by 4.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 12,884 shares of the company’s stock valued at $306,000 after acquiring an additional 566 shares during the period. Deutsche Bank AG boosted its stake in shares of Maxeon Solar Technologies by 15.6% during the first quarter. Deutsche Bank AG now owns 6,877 shares of the company’s stock valued at $183,000 after purchasing an additional 928 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in shares of Maxeon Solar Technologies in the first quarter worth about $27,000. Mercer Global Advisors Inc. ADV increased its stake in Maxeon Solar Technologies by 3.8% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 54,017 shares of the company’s stock worth $1,284,000 after buying an additional 1,988 shares during the period. Finally, Advisor Group Holdings Inc. lifted its holdings in Maxeon Solar Technologies by 25.6% during the 4th quarter. Advisor Group Holdings Inc. now owns 9,943 shares of the company’s stock valued at $160,000 after buying an additional 2,027 shares in the last quarter.
Wall Street Analyst Weigh In
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.
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