Maxeon Solar Technologies Ltd (MAXN)

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.

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.