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

Solarmax Technology, Inc. (NASDAQ:SMXT) was the target of a large increase in short interest during 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. Approximately 2.4% of the shares of the company are sold short. Based on an average daily trading volume, of 4,637,505 shares, the short-interest ratio is presently 0.2 days.

Solarmax Technology Price Performance

Shares of NASDAQ:SMXT traded down $0.02 during trading on Thursday, hitting $0.34. The company’s stock had a trading volume of 133,619 shares, compared to its average volume of 1,035,965. The firm has a market cap of $19.18 million, a price-to-earnings ratio of -3.07 and a beta of 0.30. The company has a 50-day moving average of $0.50 and a 200-day moving average of $0.67. Solarmax Technology has a 12 month low of $0.29 and a 12 month high of $2.50.

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SMXT. Wall Street Zen upgraded Solarmax Technology to a “hold” rating in a research note on Saturday, March 28th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Solarmax Technology in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Solarmax Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its holdings 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 worth $37,000 after purchasing an additional 18,580 shares during the period. Qube Research & Technologies Ltd bought a new stake in Solarmax Technology during the second quarter valued at about $51,000. Jane Street Group LLC purchased a new stake in Solarmax Technology in the second quarter worth about $60,000. Renaissance Technologies LLC increased its position in Solarmax Technology by 45.6% in the first quarter. Renaissance Technologies LLC now owns 57,483 shares of the company’s stock worth $40,000 after buying an additional 18,000 shares in the last quarter. Finally, Two Sigma Investments LP bought a new position in shares of Solarmax Technology in the third quarter worth about $236,000.

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.