Short Interest in Solarmax Technology, Inc. (NASDAQ:SMXT) Drops By 20.1%

Solarmax Technology, Inc. (NASDAQ:SMXT) was the target of a significant decrease in short interest in the month of January. As of January 30th, there was short interest totaling 1,052,586 shares, a decrease of 20.1% from the January 15th total of 1,318,098 shares. Currently, 2.6% of the shares of the stock are sold short. Based on an average trading volume of 569,749 shares, the short-interest ratio is presently 1.8 days. Based on an average trading volume of 569,749 shares, the short-interest ratio is presently 1.8 days. Currently, 2.6% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Solarmax Technology in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Solarmax Technology currently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Solarmax Technology

A number of hedge funds have recently modified their holdings of SMXT. Bank of America Corp DE boosted its position 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 last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Solarmax Technology during the 2nd quarter worth approximately $75,000. Qube Research & Technologies Ltd purchased a new stake in shares of Solarmax Technology in the second quarter valued at approximately $51,000. Jane Street Group LLC acquired a new stake in shares of Solarmax Technology in the second quarter valued at approximately $60,000. Finally, Two Sigma Investments LP purchased a new position in Solarmax Technology during the third quarter worth approximately $236,000.

Solarmax Technology Trading Up 1.9%

NASDAQ:SMXT opened at $0.74 on Friday. The firm has a market cap of $40.01 million, a P/E ratio of -3.88 and a beta of 0.50. The stock has a 50 day moving average of $0.84 and a two-hundred day moving average of $0.97. Solarmax Technology has a 12 month low of $0.66 and a 12 month high of $2.50.

Solarmax Technology (NASDAQ:SMXT) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.04) EPS for the quarter. The company had revenue of $30.60 million during the quarter.

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.