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

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

Institutional Trading of Solarmax Technology

A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE grew its holdings in Solarmax Technology by 451.5% during the fourth quarter. Bank of America Corp DE now owns 22,695 shares of the company’s stock worth $37,000 after acquiring an additional 18,580 shares during the period. Renaissance Technologies LLC lifted its holdings 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 period. Qube Research & Technologies Ltd acquired a new position in Solarmax Technology in the second quarter valued at approximately $51,000. Jane Street Group LLC purchased a new stake in Solarmax Technology in the 2nd quarter worth approximately $60,000. Finally, Two Sigma Investments LP purchased a new stake in Solarmax Technology in the 3rd quarter worth approximately $236,000.

Wall Street Analysts Forecast Growth

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

Solarmax Technology Price Performance

NASDAQ:SMXT traded down $0.71 during mid-day trading on Tuesday, hitting $2.76. The company’s stock had a trading volume of 41,906 shares, compared to its average volume of 70,993. The business’s fifty day moving average is $4.16 and its two-hundred day moving average is $6.37. The stock has a market cap of $13.08 million, a price-to-earnings ratio of -2.09 and a beta of 0.28. Solarmax Technology has a 1 year low of $2.65 and a 1 year high of $15.48.

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.