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 the month of 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. Approximately 5.1% of the shares of the company are short sold. Based on an average daily trading volume, of 538,620 shares, the days-to-cover ratio is currently 0.3 days.

Institutional Trading of Solarmax Technology

An institutional investor recently raised its position in Solarmax Technology stock. Renaissance Technologies LLC raised its position in Solarmax Technology, Inc. (NASDAQ:SMXT) by 45.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent reporting period.

Solarmax Technology Stock Up 12.2%

SMXT traded up $0.54 on Thursday, hitting $4.91. The company’s stock had a trading volume of 1,856 shares, compared to its average volume of 87,312. The company’s 50 day simple moving average is $3.26 and its 200-day simple moving average is $6.03. The firm has a market cap of $23.25 million, a P/E ratio of -2.68 and a beta of 0.24. Solarmax Technology has a 12 month low of $1.82 and a 12 month high of $15.24.

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

Wall Street Analysts Forecast Growth

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