Maxeon Solar Technologies Ltd [NASDAQ: MAXN] traded at a low on Tuesday, posting a -2.38 loss after which it closed the day’ session at $2.66. The company report on April 8, 2024 at 4:10 PM that Maxeon Solar Technologies Announces Preliminary Fourth Quarter and Fiscal Year 2023 Results.
Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) (“Maxeon” or “the Company”), a global leader in solar innovation and channels, today provided preliminary selected unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023, as well as expected shipment and revenue numbers for the first quarter of 2024.
Maxeon’s CEO Bill Mulligan commented, “In the fourth quarter, Maxeon delivered financial results largely in line with our expectations. Our U.S utility-scale business accounted for the majority of revenues in the fourth quarter, with stable ASPs.”.
The results of the trading session contributed to over 4397424 shares changing hands. Over the past one week, the price volatility of Maxeon Solar Technologies Ltd stands at 10.47% while the volatility over the past one month is 9.99%.
The market cap for MAXN stock reached $140.66 million, with 52.78 million shares outstanding and 31.18 million shares in the current float. Compared to the average trading volume of 2.19M shares, MAXN reached a trading volume of 4397424 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say 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 $4.25 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 3.50. 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.
Raymond James have made an estimate for Maxeon Solar Technologies Ltd shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on Apr-10-24. While these analysts kept the previous recommendation, UBS dropped their target price from $7 to $3. The new note on the price target was released on March 08, 2024, representing the official price target for Maxeon Solar Technologies Ltd stock. Previously, the target price had yet another raise to $7, while Mizuho analysts kept a Neutral rating on MAXN stock. On November 16, 2023, analysts decreased their price target for MAXN shares from 25 to 7.
The Average True Range (ATR) for Maxeon Solar Technologies Ltd is set at 0.33, with the Price to Sales ratio for MAXN stock in the period of the last 12 months amounting to 0.13. The Price to Book ratio for the last quarter was 0.83, with the Price to Cash per share for the same quarter was set at 3.71.
How has MAXN stock performed recently?
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 -8.10. With this latest performance, MAXN shares dropped by -27.78% in over the last four-week period, additionally sinking by -73.32% over the last 6 months – not to mention a drop of -90.00% in the past year of trading.
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 34.45, with the RSI for the last a single of trading hit 31.27, and the three-weeks RSI is set at 36.58 for Maxeon Solar Technologies Ltd [MAXN]. The present Moving Average for the last 50 days of trading for this stock 3.96, while it was recorded at 2.80 for the last single week of trading, and 10.32 for the last 200 days.
Maxeon Solar Technologies Ltd [MAXN]: Deeper insight into the fundamentals
Maxeon Solar Technologies Ltd’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.87 and a Current Ratio set at 1.62.
Earnings analysis for Maxeon Solar Technologies Ltd [MAXN]
With the latest financial reports released by the company, Maxeon Solar Technologies Ltd posted -1.84/share EPS, while the average EPS was predicted by analysts to be reported at -1.27/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -44.90%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MAXN.
Insider trade positions for Maxeon Solar Technologies Ltd [MAXN]
The top three institutional holders of MAXN stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in MAXN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in MAXN stock with ownership which is approximately 5.8386%.
