Morgan Stanley Lowers Maxeon Solar Technologies (NASDAQ:MAXN) Price Target to $14.00

Maxeon Solar Technologies (NASDAQ:MAXN) had its price objective dropped by Morgan Stanley from $18.00 to $14.00 in a note issued to investors on Thursday, Price Targets.com reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 12.90% from the company’s current price.

Other analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Maxeon Solar Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, December 8th. Bank of America upgraded Maxeon Solar Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $22.00 to $23.00 in a research report on Friday, December 3rd. Finally, Raymond James cut Maxeon Solar Technologies from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $26.00 to $23.00 in a research report on Tuesday, October 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.83.

NASDAQ MAXN opened at $12.40 on Thursday. The stock’s 50-day moving average price is $16.91 and its 200-day moving average price is $17.55. The company has a quick ratio of 0.89, a current ratio of 1.46 and a debt-to-equity ratio of 0.34. Maxeon Solar Technologies has a 52 week low of $11.66 and a 52 week high of $57.97. The company has a market capitalization of $423.22 million, a P/E ratio of -2.67 and a beta of 1.77.

Maxeon Solar Technologies (NASDAQ:MAXN) last posted its quarterly earnings data on Tuesday, November 16th. The company reported ($1.49) EPS for the quarter, missing the consensus estimate of ($1.42) by ($0.07). Maxeon Solar Technologies had a negative return on equity of 40.42% and a negative net margin of 22.01%. The company had revenue of $220.49 million during the quarter, compared to the consensus estimate of $231.00 million. During the same period last year, the business earned ($2.74) EPS. Research analysts anticipate that Maxeon Solar Technologies will post -5.97 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Maxeon Solar Technologies by 88.2% in the 2nd quarter. Vanguard Group Inc. now owns 244,188 shares of the company’s stock worth $5,233,000 after purchasing an additional 114,413 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in shares of Maxeon Solar Technologies by 9.5% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 40,816 shares of the company’s stock worth $720,000 after purchasing an additional 3,532 shares during the period. Nia Impact Advisors LLC boosted its holdings in shares of Maxeon Solar Technologies by 6.4% in the 2nd quarter. Nia Impact Advisors LLC now owns 168,549 shares of the company’s stock worth $3,612,000 after purchasing an additional 10,186 shares during the period. Invesco Ltd. boosted its holdings in shares of Maxeon Solar Technologies by 33.5% in the 2nd quarter. Invesco Ltd. now owns 3,112,289 shares of the company’s stock worth $66,696,000 after purchasing an additional 781,674 shares during the period. Finally, Marshall Wace North America L.P. purchased a new position in shares of Maxeon Solar Technologies in the 2nd quarter worth approximately $260,000. Institutional investors and hedge funds own 38.71% of the company’s stock.

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.

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