Maxeon Solar Technologies’ (MAXN) Underweight Rating Reiterated at Morgan Stanley

Maxeon Solar Technologies (NASDAQ:MAXN)‘s stock had its “underweight” rating restated by research analysts at Morgan Stanley in a research report issued to clients and investors on Friday, MarketBeat.com reports. They presently have a $4.00 price target on the stock. Morgan Stanley’s price objective indicates a potential downside of 59.92% from the stock’s current price.

Maxeon Solar Technologies Stock Performance

Shares of Maxeon Solar Technologies stock opened at $9.98 on Friday. The stock’s 50-day moving average is $363.96 and its 200-day moving average is $6,868.22. Maxeon Solar Technologies has a one year low of $4.98 and a one year high of $779.99.

Maxeon Solar Technologies (NASDAQ:MAXN) last released its earnings results on Tuesday, September 3rd. The company reported $300.00 EPS for the quarter, beating the consensus estimate of ($11,200.00) by $11,500.00. The firm had revenue of $184.22 million for the quarter, compared to analysts’ expectations of $175.35 million. Maxeon Solar Technologies had a negative return on equity of 1,598.11% and a negative net margin of 43.85%. Equities research analysts expect that Maxeon Solar Technologies will post -27 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. GSA Capital Partners LLP acquired a new position in shares of Maxeon Solar Technologies during the 3rd quarter worth about $204,000. Vanguard Group Inc. raised its holdings in Maxeon Solar Technologies by 10.1% during the first quarter. Vanguard Group Inc. now owns 1,277,907 shares of the company’s stock worth $4,255,000 after acquiring an additional 117,594 shares in the last quarter. Verition Fund Management LLC acquired a new position in Maxeon Solar Technologies during the third quarter valued at approximately $113,000. Electron Capital Partners LLC grew its stake in Maxeon Solar Technologies by 806.5% in the second quarter. Electron Capital Partners LLC now owns 1,083,762 shares of the company’s stock valued at $924,000 after purchasing an additional 964,211 shares in the last quarter. Finally, Cowen AND Company LLC acquired a new position in shares of Maxeon Solar Technologies during the 2nd quarter worth approximately $760,000. 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.