Maxeon Solar Technologies (NASDAQ:MAXN) Trading Up 6.8% – Here’s What Happened

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) shot up 6.8% during trading on Thursday . The company traded as high as $10.12 and last traded at $9.23. 2,939,167 shares were traded during mid-day trading, an increase of 472% from the average session volume of 513,517 shares. The stock had previously closed at $8.64.

Maxeon Solar Technologies Stock Performance

The company has a market capitalization of $5.06 million, a PE ratio of -0.01 and a beta of 1.42. The stock’s fifty day simple moving average is $629.05 and its 200-day simple moving average is $8,437.77.

Maxeon Solar Technologies (NASDAQ:MAXN) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $300.00 EPS for the quarter, beating analysts’ consensus estimates of ($11,200.00) by $11,500.00. Maxeon Solar Technologies had a negative return on equity of 1,598.11% and a negative net margin of 43.85%. The business had revenue of $184.22 million during the quarter, compared to the consensus estimate of $175.35 million. On average, equities analysts anticipate that Maxeon Solar Technologies, Ltd. will post -27 EPS for the current year.

Hedge Funds Weigh In On Maxeon Solar Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Paloma Partners Management Co purchased a new position in Maxeon Solar Technologies in the first quarter valued at about $44,000. SG Americas Securities LLC boosted its stake in shares of Maxeon Solar Technologies by 12.2% during the 1st quarter. SG Americas Securities LLC now owns 54,602 shares of the company’s stock valued at $182,000 after buying an additional 5,941 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Maxeon Solar Technologies by 275.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,612 shares of the company’s stock worth $72,000 after buying an additional 62,054 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of Maxeon Solar Technologies in the second quarter worth $86,000. Finally, XTX Topco Ltd acquired a new stake in Maxeon Solar Technologies in the second quarter valued at $130,000. 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.