Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) stock is up during premarket trading on Friday following a patent licensing agreement with Shanghai Aiko Solar Energy Co., Ltd.
This agreement allows Aiko to license Maxeon’s Back Contact solar cell and module patents outside of the United States, which could enhance Maxeon’s market position and technological reach as it continues to innovate in the solar industry.
Maxeon And Aiko’s Patent Agreement
Under the terms of the agreement, Aiko will gain access to all of Maxeon’s existing BC solar cell and module patents, as well as any new patents developed over the next five years.
Additionally, both companies have agreed to withdraw all pending patent enforcement actions against each other, signaling a collaborative approach to intellectual property and technological advancement in the solar sector.
The broader market saw gains on the previous trading day, with the Technology sector rising 1.81%. Maxeon’s upward movement aligns with this positive market sentiment, suggesting that the stock is benefiting from favorable conditions in the broader technology landscape.
MAXN’s 12-Month Performance and Indicators
Maxeon Solar Technologies has experienced a 37.57% decline over the past 12 months. Currently, the stock is trading 39.1% above its 20-day simple moving average (SMA) and 25.5% above its 100-day SMA, indicating a short-term strength despite the longer-term downtrend. The stock is closer to its 52-week highs than to its lows, suggesting a potential recovery phase.
The RSI is at 65.30, which is considered neutral territory, suggesting the stock is neither overbought nor oversold. Meanwhile, MACD is above its signal line, reflecting bullish momentum in the short term.
The combination of neutral RSI and bullish MACD suggests mixed momentum, indicating that while there is some upward pressure, caution is warranted as the stock approaches overbought territory.
- Key Resistance: $6.00
- Key Support: $3.00
Maxeon’s Market Position and Products
Maxeon Solar Technologies Ltd is engaged in the manufacturing and marketing of premium solar technology. It owns and operates solar cell and panel manufacturing facilities located in Malaysia, Mexico, and the Philippines. The company’s primary products are the Maxeon line of interdigitated back-contact (IBC) solar cells and panels, and the Performance line (formerly P-Series) of shingled solar cells and panels.
The recent licensing agreement with Aiko is significant as it not only expands Maxeon’s intellectual property reach but also strengthens its position in the competitive solar market. This collaboration may lead to increased revenue opportunities and technological advancements, enhancing the company’s growth potential.
Maxeon’s Benzinga Edge Scorecard
Below is the Benzinga Edge scorecard for Maxeon Solar Technologies, Ltd. Ordinary Shares, highlighting its strengths and weaknesses compared to the broader market:
– Momentum: 8.59 — The stock is showing some positive momentum relative to the market.
The Verdict: Maxeon Solar Technologies, Ltd. Ordinary Shares’ Benzinga Edge signal reveals a stock with positive momentum. While the momentum score indicates some strength, investors should remain cautious given the overall market conditions and the company’s recent performance.
MAXN Price Action: Maxeon Solar Technologies shares were up 21.22% at $4.17 during premarket trading on Friday, according to Benzinga Pro data.
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