Short Interest in Solarmax Technology, Inc. (NASDAQ:SMXT) Rises By 71.2%

Solarmax Technology, Inc. (NASDAQ:SMXT) saw a significant increase in short interest in the month of 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. Based on an average daily volume of 4,637,505 shares, the short-interest ratio is presently 0.2 days. Currently, 2.4% of the shares of the company are sold short.

Analyst Ratings Changes

A number of analysts have recently issued reports on SMXT shares. Wall Street Zen raised shares of Solarmax Technology to a “hold” rating in a 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 analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Solarmax Technology currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Solarmax Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its position in shares of Solarmax Technology by 451.5% during the fourth 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. 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. Renaissance Technologies LLC boosted its position in shares of Solarmax Technology by 45.6% during the first quarter. Renaissance Technologies LLC now owns 57,483 shares of the company’s stock valued at $40,000 after buying an additional 18,000 shares during the last quarter. Finally, Two Sigma Investments LP bought a new stake in Solarmax Technology in the 3rd quarter worth about $236,000.

Solarmax Technology Stock Performance

Shares of SMXT stock traded down $0.02 on Thursday, hitting $0.34. 133,619 shares of the company’s stock traded hands, compared to its average volume of 1,035,965. The stock has a market capitalization of $19.18 million, a price-to-earnings ratio of -3.07 and a beta of 0.30. The company’s fifty day simple moving average is $0.50 and its 200 day simple moving average is $0.67. Solarmax Technology has a one year low of $0.29 and a one year high of $2.50.

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 firm had revenue of $14.83 million during the quarter.

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.