Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Receives $6.59 Consensus Target Price from Brokerages

Shares of Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) have been given a consensus recommendation of “Hold” by the nine research firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and one has given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $6.59.

A number of brokerages recently issued reports on MAXN. Roth Mkm reiterated a “neutral” rating and issued a $3.00 target price on shares of Maxeon Solar Technologies in a report on Tuesday, April 9th. Mizuho reduced their price objective on shares of Maxeon Solar Technologies from $7.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Raymond James lowered shares of Maxeon Solar Technologies from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 9th. Finally, UBS Group cut their price target on Maxeon Solar Technologies from $3.00 to $2.75 and set a “sell” rating for the company in a research note on Tuesday, April 9th.

Maxeon Solar Technologies Stock Down 8.8 %

MAXN stock opened at $2.08 on Monday. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.88 and a current ratio of 1.62. Maxeon Solar Technologies has a fifty-two week low of $1.71 and a fifty-two week high of $38.91. The stock’s 50 day simple moving average is $2.82 and its 200 day simple moving average is $4.50. The company has a market cap of $112.11 million, a P/E ratio of -0.57 and a beta of 1.62.

Institutional Investors Weigh In On Maxeon Solar Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC bought a new position in shares of Maxeon Solar Technologies in the third quarter valued at approximately $43,000. Bank of New York Mellon Corp increased its position in shares of Maxeon Solar Technologies by 16.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 78,657 shares of the company’s stock valued at $912,000 after purchasing an additional 11,355 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Maxeon Solar Technologies by 4.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,598 shares of the company’s stock valued at $656,000 after purchasing an additional 2,261 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Maxeon Solar Technologies by 18.2% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 197,866 shares of the company’s stock worth $2,293,000 after purchasing an additional 30,400 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Maxeon Solar Technologies by 96.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 22,085 shares of the company’s stock worth $256,000 after buying an additional 10,865 shares during the last quarter. Hedge funds and other institutional investors own 47.67% of the company’s stock.

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.