Investors Buy Large Volume of Put Options on Maxeon Solar Technologies (NASDAQ:MAXN)

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Northland Capmk lowered Maxeon Solar Technologies from a “hold” rating to a “strong sell” rating in a research note on Friday, May 31st. Roth Mkm lowered their price target on Maxeon Solar Technologies from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. The Goldman Sachs Group lowered Maxeon Solar Technologies from a “buy” rating to a “sell” rating and lowered their price target for the company from $11.00 to $1.00 in a research note on Tuesday, June 4th. Northland Securities lowered Maxeon Solar Technologies from a “market perform” rating to an “under perform” rating and lowered their price target for the company from $7.00 to $0.50 in a research note on Friday, May 31st. Finally, UBS Group lowered their price target on Maxeon Solar Technologies from $3.00 to $2.75 and set a “sell” rating on the stock in a research note on Tuesday, April 9th. Four analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $4.41.

Institutional Trading of Maxeon Solar Technologies

Several institutional investors and hedge funds have recently made changes to their positions in MAXN. Schroder Investment Management Group boosted its stake in shares of Maxeon Solar Technologies by 40.8% during the 3rd quarter. Schroder Investment Management Group now owns 1,749,061 shares of the company’s stock worth $20,272,000 after buying an additional 506,633 shares during the last quarter. Soviero Asset Management LP acquired a new stake in Maxeon Solar Technologies in the 4th quarter valued at about $1,936,000. Invesco Ltd. lifted its stake in Maxeon Solar Technologies by 16.9% in the 3rd quarter. Invesco Ltd. now owns 1,634,731 shares of the company’s stock valued at $18,947,000 after purchasing an additional 235,823 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Maxeon Solar Technologies by 380.5% in 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 purchasing an additional 139,945 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Maxeon Solar Technologies by 10.1% in the 1st quarter. Vanguard Group Inc. now owns 1,277,907 shares of the company’s stock valued at $4,255,000 after purchasing an additional 117,594 shares during the last quarter. Institutional investors own 47.67% of the company’s stock.

Maxeon Solar Technologies Stock Down 23.8 %

NASDAQ:MAXN opened at $0.85 on Friday. The stock’s fifty day moving average price is $2.02 and its two-hundred day moving average price is $3.62. Maxeon Solar Technologies has a 52-week low of $0.85 and a 52-week high of $29.41. The company has a debt-to-equity ratio of 83.32, a quick ratio of 0.56 and a current ratio of 1.36. The company has a market cap of $46.81 million, a price-to-earnings ratio of -0.11 and a beta of 1.59.

Maxeon Solar Technologies (NASDAQ:MAXN) last issued its earnings results on Thursday, May 30th. The company reported ($1.59) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.57). The business had revenue of $187.46 million for the quarter, compared to the consensus estimate of $186.20 million. Maxeon Solar Technologies had a negative net margin of 37.92% and a negative return on equity of 390.12%. On average, analysts anticipate that Maxeon Solar Technologies will post -3.34 EPS for the current 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.