Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Short Interest Update

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totalling 19,270,000 shares, an increase of 25.9% from the May 31st total of 15,300,000 shares. Currently, 64.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,160,000 shares, the days-to-cover ratio is currently 4.6 days.

Hedge Funds Weigh In On Maxeon Solar Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its holdings in shares of Maxeon Solar Technologies by 93.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,338 shares of the company’s stock valued at $81,000 after buying an additional 5,480 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Maxeon Solar Technologies during the 1st quarter valued at about $44,000. DAVENPORT & Co LLC purchased a new stake in shares of Maxeon Solar Technologies during the 4th quarter valued at about $100,000. Baader Bank Aktiengesellschaft purchased a new stake in shares of Maxeon Solar Technologies during the 4th quarter valued at about $108,000. Finally, Virtu Financial LLC purchased a new stake in shares of Maxeon Solar Technologies during the 4th quarter valued at about $181,000. 47.67% of the stock is owned by institutional investors and hedge funds.

Maxeon Solar Technologies Trading Down 67.2 %

NASDAQ:MAXN traded down $0.37 during mid-day trading on Tuesday, reaching $0.18. The company’s stock had a trading volume of 168,774,317 shares, compared to its average volume of 4,763,562. The stock has a market cap of $9.87 million, a P/E ratio of -0.07 and a beta of 1.47. Maxeon Solar Technologies has a twelve month low of $0.17 and a twelve month high of $29.41. The company has a debt-to-equity ratio of 83.32, a current ratio of 1.36 and a quick ratio of 0.56. The company’s fifty day simple moving average is $1.99 and its two-hundred day simple moving average is $3.57.

Maxeon Solar Technologies (NASDAQ:MAXN) last released its quarterly earnings data on Thursday, May 30th. The company reported ($1.59) earnings per share for the quarter, missing the consensus estimate of ($1.02) by ($0.57). The firm had revenue of $187.46 million during the quarter, compared to analyst estimates 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, equities analysts predict that Maxeon Solar Technologies will post -3.34 EPS for the current year.

Wall Street Analysts Forecast Growth

MAXN has been the topic of a number of analyst reports. Northland Capmk lowered Maxeon Solar Technologies from a “hold” rating to a “strong sell” rating 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 decreased their price objective 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 decreased their price objective for the company from $7.00 to $0.50 in a research note on Friday, May 31st. Mizuho decreased their price objective on Maxeon Solar Technologies from $7.00 to $4.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Finally, Raymond James lowered Maxeon Solar Technologies from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 9th. Four equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $4.41.

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.