Maxeon Solar Technologies Ltd. [NASDAQ: MAXN] loss -6.42% or -1.24 points to close at $18.07 with a heavy trading volume of 5765077 shares. The company report on April 16, 2021 that Maxeon Announces Pricing of Public Offering of Ordinary Shares.
Maxeon Solar Technologies, Ltd. (Maxeon) (NASDAQ: MAXN) announced the pricing of an underwritten public offering of $125.0 million of ordinary shares at a price of $18.00 per share. Maxeon also granted the underwriters a 30-day option to purchase up to an additional $18.7 million of ordinary shares in the public offering on the same terms and conditions. Maxeon expects to receive net proceeds from the offering of approximately $117.1 million after underwriting discounts and commissions and estimated offering expenses (or approximately $134.9 million if the underwriters exercise their option to purchase additional shares). The offering is expected to close on April 20, 2021, subject to customary closing conditions (the “Offering”).
In addition, pursuant to a stock purchase agreement, dated April 13, 2021, with an affiliate of Tianjin Zhonghuan Semiconductor (“TZS”), Maxeon has agreed to sell to TZS, in a private placement exempt from the registration requirements of the Securities Act of 1933, and at a sale price equal to the price to the public in the Offering, 1.87 million ordinary shares (the “TZS Private Placement”).
It opened the trading session at $19.46, the shares rose to $19.65 and dropped to $17.93, the range by which the price of stock traded the whole day. The daily chart for MAXN points out that the company has recorded -14.60% loss over the past six months. However, it is still -53.4% lower than its most recent low trading price.
If we look at the average trading volume of 714.04K shares, MAXN reached to a volume of 5765077 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Maxeon Solar Technologies Ltd. [MAXN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MAXN shares is $28.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MAXN stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
ROTH Capital have made an estimate for Maxeon Solar Technologies Ltd. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on April 12, 2021. While these analysts kept the previous recommendation, ROTH Capital raised their target price to Buy. The new note on the price target was released on January 19, 2021, representing the official price target for Maxeon Solar Technologies Ltd. stock. Previously, the target price had yet another raise to $25, while Raymond James analysts kept a Outperform rating on MAXN stock. On October 16, 2020, analysts decreased their price target for MAXN shares from 18 to 15.
The Average True Range (ATR) for Maxeon Solar Technologies Ltd. is set at 2.88, with the Price to Sales ratio for MAXN stock in the period of the last 12 months amounting to 0.78. The Price to Book ratio for the last quarter was 1.26, with the Price to Cash per share for the same quarter was set at 5.71.
Trading performance analysis for MAXN stock
Maxeon Solar Technologies Ltd. [MAXN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -22.91. With this latest performance, MAXN shares dropped by -51.18% in over the last four-week period, additionally sinking by -14.60% over the last 6 months.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MAXN stock in for the last two-week period is set at 27.96, with the RSI for the last a single of trading hit 21.84, and the three-weeks RSI is set at 32.80 for Maxeon Solar Technologies Ltd. [MAXN]. The present Moving Average for the last 50 days of trading for this stock 34.25, while it was recorded at 20.91 for the last single week of trading.
Maxeon Solar Technologies Ltd. [MAXN]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and Maxeon Solar Technologies Ltd. [MAXN] shares currently have an operating margin of -15.41 and a Gross Margin at -1.57. Maxeon Solar Technologies Ltd.’s Net Margin is presently recorded at -16.88.
Return on Total Capital for MAXN is now -23.92, given the latest momentum, and Return on Invested Capital for the company is -29.63. Return on Equity for this stock declined to -35.89, with Return on Assets sitting at -14.48. When it comes to the capital structure of this company, Maxeon Solar Technologies Ltd. [MAXN] has a Total Debt to Total Equity ratio set at 45.99. Additionally, MAXN Total Debt to Total Capital is recorded at 31.50, with Total Debt to Total Assets ending up at 20.30. Long-Term Debt to Equity for the company is recorded at 34.23, with the Long-Term Debt to Total Capital now at 23.45.
Reflecting on the efficiency of the workforce at the company, Maxeon Solar Technologies Ltd. [MAXN] managed to generate an average of -$30,946 per employee. Receivables Turnover for the company is 6.01 with a Total Asset Turnover recorded at a value of 0.86.Maxeon Solar Technologies Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.80.
An analysis of insider ownership at Maxeon Solar Technologies Ltd. [MAXN]
There are presently around $182 million, or 32.70% of MAXN stock, in the hands of institutional investors. The top three institutional holders of MAXN stocks are: INVESCO LTD. with ownership of 2,009,706, which is approximately -3.954% of the company’s market cap and around 58.33% of the total institutional ownership; WELLINGTON MANAGEMENT GROUP LLP, holding 1,946,364 shares of the stock with an approximate value of $35.17 million in MAXN stocks shares; and FMR LLC, currently with $14.74 million in MAXN stock with ownership of nearly 7413518.182% of the company’s market capitalization.
Positions in Maxeon Solar Technologies Ltd. stocks held by institutional investors increased at the end of June and at the time of the June reporting period, where 50 institutional holders increased their position in Maxeon Solar Technologies Ltd. [NASDAQ:MAXN] by around 3,015,943 shares. Additionally, 45 investors decreased positions by around 3,631,022 shares, while 30 investors held positions by with 3,399,898 shares. The mentioned changes placed institutional holdings at 10,046,863 shares, according to the latest SEC report filing. MAXN stock had 29 new institutional investments in for a total of 959,218 shares, while 19 institutional investors sold positions of 1,823,916 shares during the same period.