Maxeon Solar Technologies (NASDAQ:MAXN) Trading Down 4.2% After Analyst Downgrade

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Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN)’s stock price dropped 4.2% on Thursday after Raymond James lowered their price target on the stock from $60.00 to $45.00. Raymond James currently has an outperform rating on the stock. Maxeon Solar Technologies traded as low as $23.55 and last traded at $23.55. Approximately 2,074 shares changed hands during mid-day trading, a decline of 100% from the average daily volume of 670,702 shares. The stock had previously closed at $24.57.

MAXN has been the topic of a number of other reports. Zacks Investment Research cut Maxeon Solar Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, February 23rd. The Goldman Sachs Group increased their price target on Maxeon Solar Technologies from $15.00 to $18.00 and gave the stock a “sell” rating in a report on Monday, January 4th. Finally, Roth Capital assumed coverage on Maxeon Solar Technologies in a research report on Tuesday, January 19th. They set a “buy” rating and a $43.00 price objective for the company.

The business has a 50-day simple moving average of $33.80 and a 200-day simple moving average of $29.21.

Maxeon Solar Technologies (NASDAQ:MAXN) last posted its quarterly earnings data on Monday, April 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.10) by $1.21. On average, analysts anticipate that Maxeon Solar Technologies, Ltd. will post -4.68 earnings per share for the current fiscal year.

About Maxeon Solar Technologies (NASDAQ:MAXN)

Maxeon Solar Technologies, Ltd. designs, manufactures, and sells solar panels under the SunPower brand name worldwide. The company is headquartered in Singapore. Maxeon Solar Technologies, Ltd. operates independently of SunPower Corporation as of August 26, 2020.

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