Maxeon Solar Technologies Sees Unusually Large Options Volume (NASDAQ:MAXN)

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) saw unusually large options trading on Friday. Investors bought 138,040 put options on the company. This represents an increase of approximately 867% compared to the average daily volume of 14,282 put options.

Maxeon Solar Technologies Stock Down 23.8 %

NASDAQ MAXN opened at $0.85 on Friday. The business has a fifty day moving average price of $2.02 and a two-hundred day moving average price of $3.61. The company has a debt-to-equity ratio of 83.32, a current ratio of 1.36 and a quick ratio of 0.56. Maxeon Solar Technologies has a fifty-two week low of $0.85 and a fifty-two week high of $29.41. The stock has a market capitalization of $46.81 million, a PE ratio of -0.11 and a beta of 1.59.

Maxeon Solar Technologies (NASDAQ:MAXN) last announced its quarterly earnings results on Thursday, May 30th. The company reported ($1.59) EPS for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.57). Maxeon Solar Technologies had a negative net margin of 37.92% and a negative return on equity of 390.12%. The firm had revenue of $187.46 million during the quarter, compared to the consensus estimate of $186.20 million. Equities analysts expect that Maxeon Solar Technologies will post -3.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on MAXN shares. Northland Capmk downgraded Maxeon Solar Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, May 31st. Raymond James cut Maxeon Solar Technologies from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 9th. The Goldman Sachs Group cut Maxeon Solar Technologies from a “buy” rating to a “sell” rating and lowered their target price for the company from $11.00 to $1.00 in a research note on Tuesday, June 4th. Northland Securities cut Maxeon Solar Technologies from a “market perform” rating to an “under perform” rating and lowered their target price for the company from $7.00 to $0.50 in a research note on Friday, May 31st. Finally, Mizuho lowered their target price on Maxeon Solar Technologies from $7.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, Maxeon Solar Technologies has a consensus rating of “Hold” and a consensus price target of $4.41.

Institutional Trading of Maxeon Solar Technologies

Large investors have recently made changes to their positions in the company. Schroder Investment Management Group lifted its holdings in shares of Maxeon Solar Technologies by 40.8% in the third quarter. Schroder Investment Management Group now owns 1,749,061 shares of the company’s stock valued at $20,272,000 after purchasing an additional 506,633 shares in the last quarter. Invesco Ltd. lifted its stake in Maxeon Solar Technologies by 16.9% during the 3rd quarter. Invesco Ltd. now owns 1,634,731 shares of the company’s stock valued at $18,947,000 after acquiring an additional 235,823 shares in the last quarter. Vanguard Group Inc. lifted its stake 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 valued at $4,255,000 after acquiring an additional 117,594 shares in the last quarter. Soviero Asset Management LP bought a new position in Maxeon Solar Technologies during the 4th quarter valued at $1,936,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Maxeon Solar Technologies by 380.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,720 shares of the company’s stock valued at $1,267,000 after acquiring an additional 139,945 shares in the last quarter. 47.67% of the stock is currently owned by institutional investors and hedge funds.

About Maxeon Solar Technologies

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.