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

Solarmax Technology, Inc. (NASDAQ:SMXT) was the recipient of a large decrease in short interest during 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 volume of 19,519 shares, the short-interest ratio is presently 3.0 days. Currently, 1.7% of the company’s stock are sold short.

Solarmax Technology Stock Down 20.5%

Shares of Solarmax Technology stock traded down $0.71 during midday trading on Tuesday, hitting $2.76. The company had a trading volume of 41,906 shares, compared to its average volume of 70,993. The company has a fifty day simple moving average of $4.16 and a 200 day simple moving average of $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 12-month low of $2.65 and a 12-month high of $15.48.

Institutional Investors Weigh In On Solarmax Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in shares of Solarmax Technology by 14.3% during the fourth quarter. Geode Capital Management LLC now owns 329,889 shares of the company’s stock valued at $271,000 after buying an additional 41,353 shares during the last quarter. Two Sigma Investments LP acquired a new stake in Solarmax Technology during the 3rd quarter worth about $236,000. Renaissance Technologies LLC lifted its position in Solarmax Technology by 45.6% during the 1st quarter. Renaissance Technologies LLC now owns 57,483 shares of the company’s stock worth $40,000 after acquiring an additional 18,000 shares during the period. Jane Street Group LLC purchased a new stake in Solarmax Technology during the 2nd quarter valued at about $60,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Solarmax Technology during the 2nd quarter valued at about $51,000.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Solarmax Technology in a research note on Friday, July 17th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

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.