What's Going On With Maxeon Stock Today?

Maxeon Solar Technologies, Ltd. MAXN shares are trading higher Monday. The company recently reported mixed second-quarter financial results and issued third-quarter and full-year 2023 revenue guidance below estimates.

What To Know: Last Thursday, Maxeon posted its second-quarter earnings. The company reported quarterly losses of three cents per share which beat the analyst consensus estimate of eight cents, a 98.6% increase over losses of $2.15 per share from the same period last year. The company reported quarterly sales of $348.37 million which missed the analyst consensus estimate of $372.63 million, a 46.33% increase over sales of $238.08 million the same period last year.

The company anticipated third-quarter revenue between $280 million and $320 million, versus the $395.32 million estimate. Full-year 2023 revenue was estimated to be within a range of $1.25 billion and $1.35 billion, versus the $1.51 billion estimate.

Since Maxeon reported, several analysts lowered their price targets on the stock.

• Goldman Sachs analyst Brian Lee maintains Maxeon Solar Technologies with a Buy and lowered the price target from $43 to $37.
• Raymond James analyst Pavel Molchanov maintained Maxeon Solar Technologies with a Outperform and lowered the price target from $34 to $28.

Prior to the company's earnings report, Maxeon stock had been trading lower, along with shares of other solar stocks, in sympathy with Sunpower SPWR which reported weak preliminary second-quarter results. Solar stocks were further troubled by weak guidance from SolarEdge SEDG.

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MAXN Price Action: Shares of MAXN were up 3.17% at $15.64 at the time of publication, according to Benzinga Pro.

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