In the latest trading session, Maxeon Solar Technologies, Ltd. (MAXN) closed at $27.51, marking a +1.21% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.24%. Elsewhere, the Dow gained 0.31%, while the tech-heavy Nasdaq lost 7.84%.
Prior to today's trading, shares of the company had gained 2.6% over the past month. This has outpaced the Oils-Energy sector's gain of 0.78% and lagged the S&P 500's gain of 3.39% in that time.
Maxeon Solar Technologies, Ltd. will be looking to display strength as it nears its next earnings release. In that report, analysts expect Maxeon Solar Technologies, Ltd. to post earnings of -$0.16 per share. This would mark year-over-year growth of 92.56%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $372.93 million, up 56.64% from the year-ago period.
MAXN's full-year Zacks Consensus Estimates are calling for earnings of $0.10 per share and revenue of $1.5 billion. These results would represent year-over-year changes of +101.53% and +41.65%, respectively.
It is also important to note the recent changes to analyst estimates for Maxeon Solar Technologies, Ltd.These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 7.14% lower within the past month. Maxeon Solar Technologies, Ltd. is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Maxeon Solar Technologies, Ltd.'s current valuation metrics, including its Forward P/E ratio of 278.77. Its industry sports an average Forward P/E of 28.33, so we one might conclude that Maxeon Solar Technologies, Ltd. is trading at a premium comparatively.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 126, which puts it in the top 50% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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