Solarmax Technology, Inc. (NASDAQ:SMXT) Sees Large Decline in Short Interest

Solarmax Technology, Inc. (NASDAQ:SMXT) saw a significant drop in short interest in the month of August. As of August 14th, there was short interest totaling 58,628 shares, a drop of 91.7% from the July 30th total of 709,151 shares. Based on an average trading volume of 19,519 shares, the days-to-cover ratio is presently 3.0 days. Currently, 1.7% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Solarmax Technology in a report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

Institutional Investors Weigh In On Solarmax Technology

Several hedge funds have recently bought and sold shares of SMXT. Bank of America Corp DE increased its holdings in shares of 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 buying an additional 18,580 shares during the last quarter. Renaissance Technologies LLC increased its stake in Solarmax Technology by 45.6% in the first quarter. Renaissance Technologies LLC now owns 57,483 shares of the company’s stock valued at $40,000 after acquiring an additional 18,000 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in Solarmax Technology in the second quarter valued at $51,000. Jane Street Group LLC purchased a new stake in Solarmax Technology during the second quarter valued at about $60,000. Finally, Two Sigma Investments LP purchased a new position in shares of Solarmax Technology during the 3rd quarter valued at about $236,000.

Solarmax Technology Stock Down 20.5%

NASDAQ:SMXT opened at $2.76 on Wednesday. The stock has a market cap of $13.08 million, a P/E ratio of -2.09 and a beta of 0.28. The business’s 50-day moving average price is $4.16 and its two-hundred day moving average price is $6.37. Solarmax Technology has a twelve month low of $2.65 and a twelve month high of $15.48.

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.