Maxeon Solar Technologies Ltd (NASDAQ:MAXN) shares, rose in value, with the stock price up by 1.03% to the previous day’s close as strong demand from buyers drove the stock to $2.93.
Actively observing the price movement in the last trading, the stock closed the session at $2.90. The value of beta (5-year monthly) was 1.50. Referring to stock’s 52-week performance, its high was $38.91, and the low was $2.84. On the whole, MAXN has fluctuated by -26.93% over the past month.
With the market capitalization of Maxeon Solar Technologies Ltd currently standing at about $154.65 million, investors are eagerly awaiting this quarter’s results, scheduled for May 08, 2024 – May 13, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$1.54, which is expected to increase to -$0.72 for fiscal year -$2.88 and then to about -$2.93 by fiscal year 2024. Data indicates that the EPS growth is expected to be 56.00% in 2024, while the next year’s EPS growth is forecast to be -1.70%.
Analysts have estimated the company’s revenue for the quarter at $235.96 million, with a low estimate of $228.67 million and a high estimate of $245.5 million. According to the average forecast, sales growth in current quarter could jump down -27.10%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $1.13 billion, representing an increase of 6.70% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that MAXN’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of MAXN currently trading nearly -11.31% and -29.70% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 38.52, while the 7-day volatility ratio is showing 9.32% which for the 30-day chart, stands at 9.42%. Furthermore, Maxeon Solar Technologies Ltd (MAXN)’s beta value is 1.48, and its average true range (ATR) is 0.34.
A comparison of Maxeon Solar Technologies Ltd (MAXN) with its peers suggests the former has fared considerably weaker in the market. MAXN showed an intraday change of 1.03% in last session, and over the past year, it shrunk by -88.96%%.
Data on historical trading for Maxeon Solar Technologies Ltd (NASDAQ:MAXN) indicates that the trading volumes over the past 10 days have averaged 1.89 million and over the past 3 months, they’ve averaged 2.22 million. According to company’s latest data on outstanding shares, there are 52.78 million shares outstanding.
Nearly 40.93% of Maxeon Solar Technologies Ltd’s shares belong to company insiders and institutional investors own 53.38% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 11.04 million shares as on Mar 15, 2024, resulting in a short ratio of 4.45. According to the data, the short interest in Maxeon Solar Technologies Ltd (MAXN) stood at 20.92% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 9.56 million. The stock has fallen by -59.14% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the MAXN stock heading into the next quarter.
