SSgA Funds Management, Inc. recently announced the acquisition of new stake in Maxeon Solar Technologies Ltd. (NASDAQ:MAXN). The institutional investor has increased its shareholding in the Technology company by 16.44% to 0.89 million shares with purchase of 0.13 million shares. This fresh investment now brings its stake to 1.97% valued currently at $24.91 million. In addition, BlackRock Fund Advisors raised its holdings by 18030.0 to 0.82 million shares. And AnglePoint Asset Management Ltd. has lifted its position by 32.74% or 0.17 million shares – to 0.69 million shares.
With over 2.55 million Maxeon Solar Technologies Ltd. (MAXN) shares trading Tuesday and a closing price of $29.65 on the day, the dollar volume was approximately $75.55 million. The shares have shown a positive half year performance of 35.08% and its price on 05/23/23 lost nearly -4.14%. Currently, there are 41.39M common shares owned by the public and among those 22.81M shares have been available to trade.
Unlock the Hottest Top 10 Penny Stocks Today! Discover Now
Dive into the world of lucrative penny stocks with MarketClub's groundbreaking "Smart Scan" technology! Get an instant snapshot of the top 50 high volume stocks with a clear direction and outstanding liquidity - in other words, the strongest trending. To unlock this exclusive list, simply provide your first name, last name, and email for instant access.
Gain Access to Top 10 Penny Stocks Now!.
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for MAXN have a consensus price objective of $36.71. The analysts have set the share’s price value over the next 12 months at a high of $45.00 and a low of $21.00. The average price target is 14.06% above its recent price level and a downside to the estimated low will see the stock lose -41.19% over that period. But an upside of 34.11% will see the stock hit the forecast high price target while median target price for the stock is $40.00.
The top 3 mutual fund holders in Maxeon Solar Technologies Ltd. are Invesco Solar ETF, Green Benefit – Global Impact Fun, and SPDR S&P Kensho Clean Power ETF. Invesco Solar ETF owns 0.72 million shares of the company’s stock, all valued at over $20.24 million. The company sold 5829.0 shares recently to bring their total holdings to about 1.60% of the shares outstanding. Green Benefit – Global Impact Fun sold 81943.0 shares to see its total holdings shrink to 0.69 million shares valued at over $19.27 million and representing 1.52% of the shares outstanding. SPDR S&P Kensho Clean Power ETF sold 2220.0 shares to bring its total holdings to over 0.45 million shares at a value of $12.65 million. SPDR S&P Kensho Clean Power ETF now owns shares totaling to 1.00% of the shares outstanding.
Shares of Maxeon Solar Technologies Ltd. (NASDAQ: MAXN) opened at $30.50, down -$0.43 from a prior closing price of $30.93. However, the script later moved the day high at 31.35, down -4.14%. The company’s stock has a 5-day price change of -4.88% and 85.31% over the past three months. MAXN shares are trading 84.62% year to date (YTD), with the 12-month market performance up to 138.73% higher. It has a 12-month low price of $10.01 and touched a high of $38.91 over the same period. MAXN has an average intraday trading volume of 1.33 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.32%, 6.31%, and 33.29% respectively.
Institutional ownership of Maxeon Solar Technologies Ltd. (NASDAQ: MAXN) shares accounts for 39.00% of the company’s 41.39M shares outstanding. Mutual fund holders own 11.66%, while other institutional holders and individual stakeholders account for 24.18% and — respectively.
It has a market capitalization of $1.25B. The earnings-per-share (ttm) stands at -$6.53. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.67% over the week and 7.93% over the month.
Analysts forecast that Maxeon Solar Technologies Ltd. (MAXN) will achieve an EPS of -$0.16 for the current quarter, -$0.04 for the next quarter and $0.4 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.26 while analysts give the company a high EPS estimate of -$0.02. Comparatively, EPS for the current quarter was -$2.15 a year ago. Earnings per share for the fiscal year are expected to increase by 3.80%, and 73.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Maxeon Solar Technologies Ltd. (MAXN) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 3 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
