Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Sees Large Increase in Short Interest

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) was the recipient of a significant increase in short interest during the month of February. As of February 15th, there was short interest totalling 985,500 shares, an increase of 27.7% from the January 31st total of 771,800 shares. Currently, 18.8% of the company’s shares are sold short. Based on an average trading volume of 498,100 shares, the days-to-cover ratio is presently 2.0 days.

Analysts Set New Price Targets

Separately, Morgan Stanley reaffirmed an “underweight” rating and issued a $4.00 target price on shares of Maxeon Solar Technologies in a research note on Friday, November 15th. Five research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $26,072.00.

Maxeon Solar Technologies Price Performance

MAXN stock traded down $0.19 on Wednesday, hitting $3.05. 64,078 shares of the company were exchanged, compared to its average volume of 669,461. The stock has a market capitalization of $1.67 million, a price-to-earnings ratio of -0.01 and a beta of 1.33. Maxeon Solar Technologies has a twelve month low of $2.68 and a twelve month high of $420.00. The business’s fifty day moving average is $6.15 and its two-hundred day moving average is $273.90.

Maxeon Solar Technologies (NASDAQ:MAXN) last released its quarterly earnings data on Thursday, December 5th. The company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($11.50) by $11.03. Maxeon Solar Technologies had a negative return on equity of 1,598.11% and a negative net margin of 94.16%.

Hedge Funds Weigh In On Maxeon Solar Technologies

A number of large investors have recently modified their holdings of MAXN. Cresset Asset Management LLC purchased a new stake in shares of Maxeon Solar Technologies during the 4th quarter worth about $154,000. Linden Advisors LP acquired a new position in Maxeon Solar Technologies during the fourth quarter valued at approximately $172,000. Aristides Capital LLC purchased a new stake in Maxeon Solar Technologies during the fourth quarter worth approximately $258,000. 683 Capital Management LLC acquired a new stake in shares of Maxeon Solar Technologies in the fourth quarter worth $610,000. Finally, XTX Topco Ltd increased its position in shares of Maxeon Solar Technologies by 343.8% in the third quarter. XTX Topco Ltd now owns 674,890 shares of the company’s stock worth $65,000 after acquiring an additional 522,830 shares in the last quarter. 47.67% of the stock is currently owned by hedge funds and other institutional investors.

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.