Solarmax Technology, Inc. (NASDAQ:SMXT) Shares Shorted: Short Interest Up 573.2% in October

Solarmax Technology, Inc. (NASDAQ:SMXT) was the recipient of a significant increase in short interest in October. As of October 15th, there was short interest totaling 179,872 shares, an increase of 573.2% from the September 30th total of 26,717 shares. Currently, 5.1% of the company’s shares are short sold. Based on an average trading volume of 538,620 shares, the short-interest ratio is currently 0.3 days.

Solarmax Technology Price Performance

Shares of Solarmax Technology stock traded up $0.03 during trading on Tuesday, reaching $4.28. 1,144 shares of the company traded hands, compared to its average volume of 88,034. The firm has a market capitalization of $20.27 million, a PE ratio of -2.35 and a beta of 0.24. The company has a 50 day moving average price of $3.23 and a 200-day moving average price of $6.07. Solarmax Technology has a 1-year low of $1.82 and a 1-year high of $15.24.

Solarmax Technology (NASDAQ:SMXT) last issued its quarterly earnings data on Wednesday, October 7th. The company reported ($0.98) EPS for the quarter. The business had revenue of $10.24 million during the quarter.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Solarmax Technology stock. Renaissance Technologies LLC increased its stake in shares of Solarmax Technology, Inc. (NASDAQ:SMXT) by 45.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 57,483 shares of the company’s stock after purchasing an additional 18,000 shares during the period. Renaissance Technologies LLC owned 0.10% of Solarmax Technology worth $40,000 as of its most recent SEC filing.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Solarmax Technology in a research report on Thursday, October 15th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Solarmax Technology currently has a consensus rating of “Sell”.

About Solarmax Technology

SolarMax Technology, Inc is a solar energy company that designs, sells and installs renewable energy systems for residential customers. Its offerings include solar photovoltaic systems, battery energy storage and related equipment, with services covering system design, permitting, installation and grid interconnection. The company also provides ongoing monitoring and support for installed systems.

SolarMax primarily serves customers in the United States, with a focus on the California residential solar market, and also conducts solar-related business in China.