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Maxeon Solar Technologies Ltd. (MAXN) Outlook: Looking Back For Insights

Maxeon Solar Technologies Ltd. (NASDAQ:MAXN) price on Friday, March 17, fall -5.95% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $22.62.

A look at the stock’s price movement, the close in the last trading session was $24.05, moving within a range at $22.08 and $24.345. The beta value (5-Year monthly) was 1.30. Turning to its 52-week performance, $28.95 and $8.85 were the 52-week high and 52-week low respectively. Overall, MAXN moved 20.26% over the past month.

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Maxeon Solar Technologies Ltd.’s market cap currently stands at around $1.02 billion, with investors looking forward to this quarter’s earnings report slated for May 16, 2023 – May 22, 2023. Analysts project the company’s earnings per share (EPS) to be -$1.27, which has seen fiscal year 2022 EPS growth forecast to increase to -$6.01 and about -$2.51 for fiscal year 2023. Per the data, EPS growth is expected to be 9.50% for 2023 and 58.20% for the next financial year.

Analysts have a consensus estimate of $315.7 million for the company’s revenue for the quarter, with a low and high estimate of $311.32 million and $322.6 million respectively. The average forecast suggests up to a 42.50% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue for 2022 to grow to $1.05 billion, representing a 34.20% jump on that reported in the last financial year.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that MAXN is a 50% Buy. On the other hand, the stock is on average a 100% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.

6 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 2 analyst(s) rate the stock as a Hold, 3 recommend MAXN as a Buy and 1 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Overweight which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

MAXN’s current price about 10.55% and 9.66% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 53.54, while 7-day volatility ratio is 9.02% and 8.15% in the 30-day chart. Further, Maxeon Solar Technologies Ltd. (MAXN) has a beta value of 0, and an average true range (ATR) of 1.99. Analysts have given the company’s stock an average 52-week price target of $26.33, forecast between a low of $21.00 and high of $32.00. Looking at the price targets, the low is 7.16% off current price level while to achieve the yearly target high, price needs to move -41.47%. Nonetheless, investors will most likely welcome a -17.15% jump to $26.50 which is the analysts’ median price.

In the market, a comparison of Maxeon Solar Technologies Ltd. (MAXN) and its peers suggest the former has performed considerably weaker. Data shows MAXN’s intraday price has changed -5.95% in last session and 74.40% over the past year. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are down -1.10% and -1.19% respectively in the last trading.

If we refocus on Maxeon Solar Technologies Ltd. (NASDAQ:MAXN), historical trading data shows that trading volumes averaged 2.17 million over the past 10 days and 768.93K over the past 3 months. The company’s latest data on shares outstanding shows there are 41.23 million shares.

The 48.76% of Maxeon Solar Technologies Ltd.’s shares are in the hands of company insiders while institutional holders own 39.00% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 3.04 million on Jan 30, 2023, giving us a short ratio of 5.98. The data shows that as of Jan 30, 2023 short interest in Maxeon Solar Technologies Ltd. (MAXN) stood at 6.75% of shares outstanding, with shares short rising to 3.01 million registered in Dec 29, 2022. Current price change has pushed the stock 40.85% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the MAXN stock continues to rise going into the next quarter.

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