Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) Sees Significant Drop in Short Interest

Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN - Get Free Report) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 704,500 shares, a decline of 98.3% from the September 15th total of 42,660,000 shares. Based on an average daily trading volume, of 821,700 shares, the days-to-cover ratio is presently 0.9 days.

Hedge Funds Weigh In On Maxeon Solar Technologies

Several institutional investors and hedge funds have recently modified their holdings of MAXN. SG Americas Securities LLC boosted its holdings in Maxeon Solar Technologies by 12.2% during the first quarter. SG Americas Securities LLC now owns 54,602 shares of the company's stock worth $182,000 after buying an additional 5,941 shares in the last quarter. Paloma Partners Management Co purchased a new stake in shares of Maxeon Solar Technologies during the 1st quarter worth about $44,000. Virtu Financial LLC acquired a new stake in shares of Maxeon Solar Technologies during the 4th quarter valued at about $181,000. Syon Capital LLC acquired a new position in Maxeon Solar Technologies in the 4th quarter worth about $240,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Maxeon Solar Technologies by 275.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,612 shares of the company's stock worth $72,000 after purchasing an additional 62,054 shares in the last quarter. Institutional investors and hedge funds own 47.67% of the company's stock.

Maxeon Solar Technologies Stock Performance

Shares of NASDAQ:MAXN traded down $1.09 during trading on Thursday, hitting $5.24. The stock had a trading volume of 1,221,278 shares, compared to its average volume of 383,943. The company has a quick ratio of 0.55, a current ratio of 1.36 and a debt-to-equity ratio of 83.32. Maxeon Solar Technologies has a 12-month low of $5.20 and a 12-month high of $1,020.00. The stock has a market capitalization of $287.28 million, a price-to-earnings ratio of -0.70 and a beta of 1.42. The stock has a 50-day simple moving average of $0.24 and a two-hundred day simple moving average of $1.19.

Maxeon Solar Technologies's stock is going to reverse split on Tuesday, December 31st. The 1-100 reverse split was announced on Friday, September 20th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, December 30th.

Maxeon Solar Technologies (NASDAQ:MAXN - Get Free Report) last issued its earnings results on Tuesday, September 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.12) by $1.15. Maxeon Solar Technologies had a negative net margin of 43.85% and a negative return on equity of 1,598.11%. The firm had revenue of $184.22 million during the quarter, compared to analysts' expectations of $175.35 million. On average, equities research analysts expect that Maxeon Solar Technologies will post -2.81 earnings per share for the current fiscal year.

About Maxeon Solar Technologies

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.