Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Sees Significant Growth in Short Interest

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,520,000 shares, a growth of 53.1% from the October 15th total of 992,700 shares. Based on an average trading volume of 1,220,000 shares, the short-interest ratio is currently 1.2 days. Approximately 33.5% of the company’s shares are sold short.

Institutional Investors Weigh In On Maxeon Solar Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of MAXN. GSA Capital Partners LLP acquired a new stake in shares of Maxeon Solar Technologies during the third quarter worth approximately $204,000. Vanguard Group Inc. grew its holdings in Maxeon Solar Technologies by 10.1% during the 1st 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 bought a new stake in shares of Maxeon Solar Technologies in the 3rd quarter worth about $113,000. Electron Capital Partners LLC raised its stake in shares of Maxeon Solar Technologies by 806.5% in the 2nd 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 bought a new position in shares of Maxeon Solar Technologies during the second quarter worth about $760,000. 47.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley reiterated an “underweight” rating and issued a $4.00 price target on shares of Maxeon Solar Technologies in a report on Friday. Five equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $26,072.00.

Maxeon Solar Technologies Price Performance

MAXN stock traded down $1.52 during midday trading on Friday, reaching $9.98. 1,012,612 shares of the company’s stock traded hands, compared to its average volume of 596,801. Maxeon Solar Technologies has a fifty-two week low of $4.98 and a fifty-two week high of $779.99. The business has a 50-day moving average price of $363.96 and a two-hundred day moving average price of $6,955.94. The company has a market capitalization of $5.48 million, a P/E ratio of -0.01 and a beta of 1.42.

Maxeon Solar Technologies (NASDAQ:MAXN) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $300.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($11,200.00) by $11,500.00. Maxeon Solar Technologies had a negative net margin of 43.85% and a negative return on equity of 1,598.11%. The company had revenue of $184.22 million during the quarter, compared to analysts’ expectations of $175.35 million. As a group, research analysts forecast that Maxeon Solar Technologies will post -27 earnings per share for the current fiscal year.

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.