Maxeon Solar Technologies Ltd (NASDAQ: MAXN) Stock’s Potential for Success in the Coming Months

In the last trading session, 1.9 million Maxeon Solar Technologies Ltd (NASDAQ:MAXN) shares changed hands as the company’s beta touched 1.58. With the company’s per share price at $5.35 changed hands at $0.54 or 11.23% during last session, the market valuation stood at $282.37M. MAXN’s last price was a discount, traded about -627.29% off its 52-week high of $38.91. The share price had its 52-week low at $3.91, which suggests the last value was 26.92% up since then. When we look at Maxeon Solar Technologies Ltd’s average trading volume, we note the 10-day average is 2.16 million shares, with the 3-month average coming to 0.72.

Maxeon Solar Technologies Ltd (NASDAQ:MAXN) trade information

Instantly MAXN was in green as seen at the end of in last trading. With action 17.07%, the performance over the past five days has been green. The jump to weekly highs of 5.39 added 11.23% to the stock’s daily price. The company’s shares are showing year-to-date downside of -25.38%, with the 5-day performance at 17.07% in the green. However, in the 30-day time frame, Maxeon Solar Technologies Ltd (NASDAQ:MAXN) is -4.97% down. Looking at the short shares, we see there were 8.87 million shares sold at short interest cover period of 3.95 days.

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Maxeon Solar Technologies Ltd (MAXN) estimates and forecasts

Data shows that the Maxeon Solar Technologies Ltd share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -75.99% over the past 6 months, a 39.91% in annual growth rate that is considerably higher than the industry average of 7.20%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Maxeon Solar Technologies Ltd will rise 17.40%, while the growth in revenue is estimated to hit -302.20% for the next quarter. Year-over-year growth is forecast to reach 6.50% up from the last financial year.

Consensus estimates given by 6 financial analysts project the company’s revenue in the current quarter to hit an average of $233.8 million. 5 analysts are of the opinion that Maxeon Solar Technologies Ltd’s revenue for the quarter ending Mar 2024 will be $244.48 million. The company’s revenue for the corresponding quarters a year ago was $323.5 million and $318.33 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -27.70%. The estimates for the next quarter sales put growth at -23.20%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 30.74%. The 2024 estimates are for Maxeon Solar Technologies Ltd earnings to increase by 57.69%.

MAXN Dividends

Maxeon Solar Technologies Ltd is expected to release its next quarterly earnings report between March 05 and March 11.

Maxeon Solar Technologies Ltd (NASDAQ:MAXN)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 38.80% of Maxeon Solar Technologies Ltd shares while 54.43% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 88.94%. There are 54.43% institutions holding the Maxeon Solar Technologies Ltd stock share, with Wellington Management Group, LLP the top institutional holder. As of Jun 29, 2023, the company held 3.66% of the shares, roughly 1.92 million MAXN shares worth $54.14 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 3.62% or 1.9 million shares worth $53.57 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Aug 30, 2023 were Invesco ETF TR II-Invesco Solar ETF and iShares Russell 2000 ETF. With 0.92 million shares estimated at $14.45 million under it, the former controlled 1.75% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 1.09% of the shares, roughly 0.57 million shares worth around $8.98 million.

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