Solarmax Technology, Inc. (NASDAQ:SMXT) Short Interest Up 267.5% in January

Solarmax Technology, Inc. (NASDAQ:SMXT) was the target of a large growth in short interest during the month of January. As of January 15th, there was short interest totaling 1,318,098 shares, a growth of 267.5% from the December 31st total of 358,702 shares. Approximately 3.3% of the company’s shares are short sold. Based on an average daily volume of 5,185,656 shares, the short-interest ratio is presently 0.3 days. Based on an average daily volume of 5,185,656 shares, the short-interest ratio is presently 0.3 days. Approximately 3.3% of the company’s shares are short sold.

Solarmax Technology Stock Down 10.3%

Shares of NASDAQ:SMXT traded down $0.10 during midday trading on Thursday, reaching $0.88. The company’s stock had a trading volume of 511,471 shares, compared to its average volume of 3,103,785. The firm has a 50 day moving average of $0.87 and a 200-day moving average of $1.00. The firm has a market capitalization of $47.79 million, a P/E ratio of -4.63 and a beta of 0.50. Solarmax Technology has a 12-month low of $0.70 and a 12-month high of $2.50.

Solarmax Technology (NASDAQ:SMXT) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.04) EPS for the quarter. The company had revenue of $30.60 million for the quarter.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its holdings in Solarmax Technology by 451.5% in the fourth quarter. Bank of America Corp DE now owns 22,695 shares of the company’s stock worth $37,000 after purchasing an additional 18,580 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Solarmax Technology during the 2nd quarter valued at about $51,000. Jane Street Group LLC bought a new stake in shares of Solarmax Technology during the 2nd quarter valued at about $60,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Solarmax Technology during the 2nd quarter valued at about $75,000. Finally, Two Sigma Investments LP bought a new position in shares of Solarmax Technology in the 3rd quarter worth approximately $236,000.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Solarmax Technology in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

About Solarmax Technology

SolarMax Technology, Inc, through its subsidiaries, operates as an integrated solar energy company in the United States and China. The company engages in the sale and installation of photovoltaic and battery backup systems; sale of LED systems; and identifying and procuring solar farm projects for resale to third parties, as well as provision of engineering, procuring, and construction services for solar farm projects. It serves residential, commercial, and government customers. SolarMax Technology, Inc was incorporated in 2008 and is headquartered in Riverside, California.