Solarmax Technology, Inc. (NASDAQ:SMXT) Sees Significant Increase in Short Interest

Solarmax Technology, Inc. (NASDAQ:SMXT) was the target of a large increase in short interest in June. As of June 15th, there was short interest totaling 1,020,425 shares, an increase of 71.2% from the May 31st total of 596,023 shares. Currently, 2.4% of the company’s stock are short sold. Based on an average trading volume of 4,637,505 shares, the days-to-cover ratio is currently 0.2 days.

Institutional Investors Weigh In On Solarmax Technology

Several institutional investors and hedge funds have recently made changes to their positions in SMXT. Bank of America Corp DE lifted its position in Solarmax Technology by 451.5% in the 4th quarter. Bank of America Corp DE now owns 22,695 shares of the company’s stock valued at $37,000 after acquiring an additional 18,580 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Solarmax Technology by 45.6% in the 1st quarter. Renaissance Technologies LLC now owns 57,483 shares of the company’s stock worth $40,000 after purchasing an additional 18,000 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Solarmax Technology in the 2nd quarter worth $51,000. Jane Street Group LLC purchased a new position in shares of Solarmax Technology in the second quarter worth $60,000. Finally, Two Sigma Investments LP purchased a new position in shares of Solarmax Technology in the third quarter worth $236,000.

Solarmax Technology Price Performance

Shares of Solarmax Technology stock opened at $0.35 on Friday. Solarmax Technology has a 1 year low of $0.29 and a 1 year high of $2.50. The firm’s 50-day moving average is $0.49 and its 200 day moving average is $0.66. The stock has a market cap of $19.80 million, a price-to-earnings ratio of -3.16 and a beta of 0.29.

Solarmax Technology (NASDAQ:SMXT) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.01) earnings per share for the quarter. The business had revenue of $14.83 million for the quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wall Street Zen raised Solarmax Technology to a “hold” rating in a research report on Saturday, March 28th. Weiss Ratings restated a “sell (e+)” rating on shares of Solarmax Technology in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has a consensus rating of “Sell”.

Solarmax Technology Company Profile

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.