Short Interest in Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Drops By 17.1%

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) saw a significant decline in short interest in December. As of December 15th, there was short interest totalling 1,070,000 shares, a decline of 17.1% from the November 30th total of 1,290,000 shares. Currently, 20.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,320,000 shares, the short-interest ratio is currently 0.8 days.

Institutional Trading of Maxeon Solar Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GSA Capital Partners LLP bought a new position in Maxeon Solar Technologies during the third quarter valued at $204,000. Verition Fund Management LLC bought a new position in Maxeon Solar Technologies during the 3rd quarter valued at about $113,000. Electron Capital Partners LLC raised its position in Maxeon Solar Technologies by 806.5% in the 2nd quarter. Electron Capital Partners LLC now owns 1,083,762 shares of the company’s stock worth $924,000 after purchasing an additional 964,211 shares during the period. Cowen AND Company LLC bought a new stake in Maxeon Solar Technologies in the second quarter worth about $760,000. Finally, XTX Topco Ltd boosted its position in shares of Maxeon Solar Technologies by 343.8% during the third quarter. XTX Topco Ltd now owns 674,890 shares of the company’s stock valued at $65,000 after buying an additional 522,830 shares during the period. Hedge funds and other institutional investors own 47.67% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley restated an “underweight” rating and set a $4.00 price target on shares of Maxeon Solar Technologies in a report on Friday, November 15th. Five equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $26,072.00.

Maxeon Solar Technologies Stock Performance

MAXN stock traded down $0.17 during midday trading on Tuesday, reaching $7.48. 232,785 shares of the company traded hands, compared to its average volume of 620,203. The firm has a market capitalization of $4.11 million, a price-to-earnings ratio of -0.01 and a beta of 1.36. The business has a 50 day moving average of $8.06 and a 200-day moving average of $1,715.38. Maxeon Solar Technologies has a 52-week low of $4.98 and a 52-week high of $735.00.

Maxeon Solar Technologies Company Profile

Maxeon Solar Technologies, Ltd. designs, manufactures, markets, and sells solar panels and related solar system components worldwide. The company provides interdigitated back contact and shingled solar cells and panels under the SunPower brand. It offers its products to dealers, project developers, system integrators, distributors, resellers, and residential and small-scale commercial customers.