Wellington Management Co. LLP has recently announced that it has increased stake in Maxeon Solar Technologies Ltd (NASDAQ:MAXN) by 13.74%. After grabbing 2.19 million shares, the institutional investor is now in possession of 0.26 million shares of the Technology Company. The new investment brought the stake of investor firm to 4.14% having worth around $9.03 million. Moreover, AnglePoint Asset Management Ltd. increased its share by 0.57 million to have a control over 2.18 million shares. And BlackRock Fund Advisors raised its holdings to 0.24 million shares by acquiring 1.89 million shares or 3.59% of the stake.
Maxeon Solar Technologies Ltd (MAXN) concluded trading on 12/21/23 at a closing price of $6.64, with 4.17 million shares of worth about $27.67 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -74.57% during that period and on Thursday the price saw a gain of about 20.07%. Currently the company’s common shares owned by public are about 45.03M shares, out of which, 31.18M shares are available for trading.
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Invesco Solar ETF, iShares II Plc – Global Clean Ene, and iShares Russell 2000 ETF are the top 3 mutual funds which are holding stakes in Maxeon Solar Technologies Ltd Invesco Solar ETF is currently holding 0.96 million shares of worth totaling $3.98 million. The company recently came buying 2503.0 shares which brought its stake up to 1.83% of the company’s outstanding shares. iShares II Plc – Global Clean Ene bought 392.0 shares, after which its hold over company’s outstanding shares expand to 1.60%, leaving 0.84 million shares with the mutual fund that have a worth of about $3.48 million. iShares Russell 2000 ETF, after buying 0.7 million shares, have now control over 1.33% of the stake in the company. It holds 345.0 shares of worth $2.91 million.
Maxeon Solar Technologies Ltd (NASDAQ: MAXN) started trading at $5.80, above $0.27 from concluding price of the previous day. However, the stock later moved at a day high price of 6.67, or with a gain of 20.07%. Stock saw a price change of 16.90% in past 5 days and over the past one month there was a price change of 38.62%. Year-to-date (YTD), MAXN shares are showing a performance of -58.66% which decreased to -66.05% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $3.91 but also hit the highest price of $38.91 during that period. The average intraday trading volume for Maxeon Solar Technologies Ltd shares is 2.14 million. The stock is currently trading 38.29% above its 20-day simple moving average (SMA20), while that difference is up 11.74% for SMA50 and it goes to -65.01% lower than SMA200.
Wellington Management Co. LLP acquired 2.19 million shares of Maxeon Solar Technologies Ltd having value of about $9.03 million. Data submitted at the U.S SEC by Wellington Management Co. LLP revealed that the firm now holds 0.26 million shares in the company valued at close to $1754553.6, or have control over 13.74% stake in the company. Maxeon Solar Technologies Ltd (NASDAQ: MAXN) currently have 45.03M outstanding shares and institutions hold larger chunk of about 51.02% of that. Holding of mutual funds in the company is about 21.59% while other institutional holders and individual stake holders have control over 29.45% and — of the stake respectively.
The stock has a current market capitalization of $350.46M and its 3Y-monthly beta is at 1.42. It has posted earnings per share of -$3.55 in the same period. It has Quick Ratio of 0.87 while making debt-to-equity ratio of 2.56. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for MAXN, volatility over the week remained 15.33% while standing at 12.02% over the month.
Analysts are in expectations that Maxeon Solar Technologies Ltd (MAXN) stock would likely to be making an EPS of -$1.52 in the current quarter, while forecast for next quarter EPS is -$0.98 and it is -$2.71 for next year. For the current quarter EPS, analysts have given the company a lowest target -$2.6 which is -$0.87 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$1.84 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 57.69% while it is estimated to increase by 4.42% in next year.
Analysts at 8 brokerage firms have issued recommendations for the Maxeon Solar Technologies Ltd (MAXN)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.62. Out of those 8 Wall Street analysts, 1 recommended a “Buy” rating, while 6 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Mizuho on November 21, 2023 offering a Neutral rating for the stock and assigned a target price of $7 to it.
