Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Sees Significant Growth in Short Interest

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) was the recipient of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 1,520,000 shares, an increase of 53.1% from the October 15th total of 992,700 shares. Approximately 33.5% of the company’s shares are sold short. Based on an average trading volume of 1,220,000 shares, the days-to-cover ratio is presently 1.2 days.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MAXN. XTX Topco Ltd raised its stake in Maxeon Solar Technologies by 343.8% in the third quarter. XTX Topco Ltd now owns 674,890 shares of the company’s stock valued at $65,000 after buying an additional 522,830 shares in the last quarter. Verition Fund Management LLC acquired a new stake in shares of Maxeon Solar Technologies during the 3rd quarter worth about $113,000. GSA Capital Partners LLP purchased a new stake in Maxeon Solar Technologies during the third quarter worth approximately $204,000. Electron Capital Partners LLC boosted its holdings in Maxeon Solar Technologies by 806.5% in the second quarter. Electron Capital Partners LLC now owns 1,083,762 shares of the company’s stock valued at $924,000 after purchasing an additional 964,211 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Maxeon Solar Technologies in the second quarter valued at approximately $86,000. Hedge funds and other institutional investors own 47.67% of the company’s stock.

Analyst Ratings Changes

Separately, Morgan Stanley restated an “underweight” rating and set a $4.00 price target on shares of Maxeon Solar Technologies in a research report on Friday. Five investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $26,072.00.

Maxeon Solar Technologies Stock Performance

Shares of Maxeon Solar Technologies stock traded down $1.52 during trading hours on Friday, reaching $9.98. 1,012,612 shares of the company were exchanged, compared to its average volume of 596,801. The firm has a market cap of $5.48 million, a PE ratio of -0.01 and a beta of 1.42. Maxeon Solar Technologies has a 1 year low of $4.98 and a 1 year high of $779.99. The stock’s fifty day moving average is $363.96 and its 200 day moving average is $6,955.94.

Maxeon Solar Technologies (NASDAQ:MAXN) last released its earnings results on Tuesday, September 3rd. The company reported $300.00 EPS for the quarter, topping the consensus estimate of ($11,200.00) by $11,500.00. The firm had revenue of $184.22 million during the quarter, compared to analysts’ expectations of $175.35 million. Maxeon Solar Technologies had a negative return on equity of 1,598.11% and a negative net margin of 43.85%. Research analysts expect that Maxeon Solar Technologies will post -27 earnings per share 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.