Roth Mkm Cuts Maxeon Solar Technologies (NASDAQ:MAXN) Price Target to $6.00

Maxeon Solar Technologies (NASDAQ:MAXN) had its price target dropped by stock analysts at Roth Mkm from $10.00 to $6.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Roth Mkm’s target price indicates a potential upside of 10.29% from the stock’s current price.

A number of other analysts have also commented on the company. Northland Securities lowered Maxeon Solar Technologies from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $25.00 to $7.00 in a research note on Thursday. UBS Group started coverage on shares of Maxeon Solar Technologies in a research report on Monday, October 2nd. They issued a “neutral” rating and a $13.00 target price for the company. The Goldman Sachs Group reduced their price target on shares of Maxeon Solar Technologies from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday. Raymond James lowered their price objective on shares of Maxeon Solar Technologies from $20.00 to $10.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Morgan Stanley reduced their target price on Maxeon Solar Technologies from $22.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 17th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Maxeon Solar Technologies has a consensus rating of “Hold” and an average price target of $11.43.

Maxeon Solar Technologies Price Performance

Shares of MAXN stock traded down $0.66 during trading hours on Thursday, hitting $5.44. 1,349,726 shares of the company’s stock were exchanged, compared to its average volume of 1,200,225. Maxeon Solar Technologies has a 12-month low of $4.90 and a 12-month high of $38.91. The company has a market capitalization of $285.76 million, a PE ratio of -2.17 and a beta of 1.75. The business’s 50 day simple moving average is $9.49 and its 200-day simple moving average is $19.40. The company has a current ratio of 1.77, a quick ratio of 1.12 and a debt-to-equity ratio of 1.40.

Maxeon Solar Technologies (NASDAQ:MAXN) last released its earnings results on Wednesday, November 15th. The company reported ($2.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($1.35). The company had revenue of $227.60 million during the quarter, compared to the consensus estimate 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 company’s revenue was down 17.4% on a year-over-year basis. During the same period last year, the firm posted ($1.09) EPS. On average, equities research analysts anticipate that Maxeon Solar Technologies will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Maxeon Solar Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Maxeon Solar Technologies during the 1st quarter valued at about $27,000. Metropolitan Life Insurance Co NY purchased a new position in shares of Maxeon Solar Technologies in the second quarter worth approximately $39,000. Exchange Traded Concepts LLC bought a new stake in Maxeon Solar Technologies during the third quarter valued at approximately $43,000. Ameritas Investment Partners Inc. bought a new stake in Maxeon Solar Technologies during the second quarter valued at approximately $59,000. Finally, Tower Research Capital LLC TRC increased its holdings in Maxeon Solar Technologies by 177.1% during the third quarter. Tower Research Capital LLC TRC now owns 5,858 shares of the company’s stock valued at $68,000 after buying an additional 3,744 shares during the last quarter.

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.