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

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) was the target of some unusual options trading on Friday. Investors bought 138,040 put options on the stock. This represents an increase of 867% compared to the average volume of 14,282 put options.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. The Goldman Sachs Group lowered Maxeon Solar Technologies from a “buy” rating to a “sell” rating and cut their target price for the company from $11.00 to $1.00 in a research report on Tuesday, June 4th. Roth Mkm cut their price target on Maxeon Solar Technologies from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. Raymond James lowered shares of Maxeon Solar Technologies from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 9th. Northland Capmk downgraded shares of Maxeon Solar Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, May 31st. Finally, Mizuho reduced their price target on shares of Maxeon Solar Technologies from $7.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Four research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.41.

Institutional Investors Weigh In On Maxeon Solar Technologies

Several institutional investors have recently made changes to their positions in MAXN. Schroder Investment Management Group raised its position in shares of Maxeon Solar Technologies by 40.8% in the third 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 in the last quarter. Invesco Ltd. boosted its position in shares of Maxeon Solar Technologies by 16.9% during the 3rd quarter. Invesco Ltd. now owns 1,634,731 shares of the company’s stock valued at $18,947,000 after acquiring an additional 235,823 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Maxeon Solar Technologies by 10.1% during the first quarter. Vanguard Group Inc. now owns 1,277,907 shares of the company’s stock worth $4,255,000 after purchasing an additional 117,594 shares in the last quarter. Soviero Asset Management LP bought a new position in shares of Maxeon Solar Technologies in the fourth quarter worth approximately $1,936,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Maxeon Solar Technologies by 380.5% in the fourth 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 in the last quarter. Hedge funds and other institutional investors own 47.67% of the company’s stock.

Maxeon Solar Technologies Trading Down 23.8 %

NASDAQ MAXN opened at $0.85 on Friday. The business’s fifty day moving average is $2.02 and its 200-day moving average is $3.62. 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 stock has a market capitalization of $46.81 million, a price-to-earnings ratio of -0.11 and a beta of 1.59. Maxeon Solar Technologies has a one year low of $0.85 and a one year high of $29.41.

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

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.