Maxeon Solar Technologies Ltd (MAXN)

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Why is Maxeon Solar Technologies Ltd (MAXN) Stock down?

We've noticed a 7.65% decline in Maxeon Solar Technologies Ltd (MAXN) stock during the 2024-04-24 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!

18 Dec, 2023:

Shares of Maxeon Solar Technologies Ltd (MAXN) dropped by 9.77% from $6.14 to $5.54 in the trading on Monday, December 18, 2023. The reason why MAXN down today is due to attributed to Goldman Sachs, which maintained a Buy rating on Maxeon Solar Technologies but lowered the price target from $18 to $11.

16 Nov, 2023:

Maxeon Solar Technologies Ltd Stock (MAXN) dropped by 14.92% from $6.10 to $5.19 in the trading on Thursday November 16, 2023. The reasons why MAXN stock down today include:

Mixed third-quarter 2023 results: Maxeon's quarterly performance took a significant hit, with shipments plunging 22.2% Y/Y to 628 MW and revenue declining 17.4% Y/Y to $227.6 million. Net loss under GAAP of $108.3 million, or $2.21 per share, missing analysts' expectations by a wide margin. The company attributed the decline to the absence of shipments to SunPower for most of the quarter and industry-wide supply and demand imbalances in Europe.
Disappointing forward guidance: Maxeon expects fourth-quarter 2023 revenue of $220 - $260 million, assuming shipments in the range of 610 - 650 MW. By comparison, most analysts were looking for significantly higher fourth-quarter revenue of $278 million. Due to declining residential demand and unfavorable market circumstances, full-year guidance has been reduced to forecast sales of $1.11 - $1.115 billion and adjusted EBITDA of $4 - $14 million.