Maxeon Solar Technologies Stock to Reverse Split on Wednesday, October 9th (NASDAQ:MAXN)

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) shares are going to reverse split on Wednesday, October 9th. The 1-100 reverse split was announced on Friday, September 20th. The number of shares owned by shareholders will be adjusted after the market closes on Tuesday, October 8th.

Maxeon Solar Technologies Stock Performance

Maxeon Solar Technologies stock traded down $0.01 during mid-day trading on Monday, reaching $0.08. The company had a trading volume of 51,715,174 shares, compared to its average volume of 37,580,410. The company has a quick ratio of 0.55, a current ratio of 1.36 and a debt-to-equity ratio of 83.32. The firm has a market cap of $4.32 million, a price-to-earnings ratio of -0.01 and a beta of 1.42. The company has a 50 day moving average of $0.12 and a 200-day moving average of $1.20. Maxeon Solar Technologies has a 52 week low of $0.08 and a 52 week high of $10.20.

Maxeon Solar Technologies (NASDAQ:MAXN) last released its earnings results on Tuesday, September 3rd. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($1.12) by $1.15. Maxeon Solar Technologies had a negative net margin of 43.85% and a negative return on equity of 1,598.11%. The business had revenue of $184.22 million during the quarter, compared to analysts’ expectations of $175.35 million. On average, sell-side analysts expect that Maxeon Solar Technologies will post -2.81 EPS for the current fiscal year.

Institutional Investors Weigh In On Maxeon Solar Technologies

Institutional investors have recently bought and sold shares of the business. Paloma Partners Management Co acquired a new stake in Maxeon Solar Technologies during the first quarter valued at approximately $44,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Maxeon Solar Technologies by 275.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,612 shares of the company’s stock valued at $72,000 after buying an additional 62,054 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Maxeon Solar Technologies in the 2nd quarter valued at $86,000. XTX Topco Ltd bought a new stake in Maxeon Solar Technologies in the second quarter valued at $130,000. Finally, Virtu Financial LLC acquired a new position in Maxeon Solar Technologies during the fourth quarter worth $181,000. Institutional investors and hedge funds 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.