Short Interest in Solarmax Technology, Inc. (NASDAQ:SMXT) Declines By 43.7%

Key Points

• The short interest in Solarmax Technology, Inc. declined by 43.7% in August, dropping from 1,460,000 to 822,400 shares.
• The company's shares are currently trading at $1.10 with a market capitalization of $59.73 million.
• Wall Street analysts upgraded Solarmax from a "sell" to a "hold" rating, indicating a more positive outlook for the company's performance.

Solarmax Technology, Inc. (NASDAQ:SMXT - Get Free Report) saw a significant drop in short interest during the month of August. As of August 31st, there was short interest totaling 822,400 shares, a drop of 43.7% from the August 15th total of 1,460,000 shares. Approximately 2.4% of the company's shares are sold short. Based on an average daily trading volume, of 5,520,000 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily trading volume, of 5,520,000 shares, the days-to-cover ratio is currently 0.1 days. Approximately 2.4% of the company's shares are sold short.

Institutional Trading of Solarmax Technology

Several hedge funds have recently modified their holdings of the stock. Jane Street Group LLC purchased a new position in shares of Solarmax Technology in the 2nd quarter valued at about $60,000. Qube Research & Technologies Ltd acquired a new stake in Solarmax Technology during the 2nd quarter worth $51,000. Y Intercept Hong Kong Ltd purchased a new stake in Solarmax Technology in the second quarter valued at $75,000. Bank of New York Mellon Corp acquired a new position in Solarmax Technology during the first quarter worth approximately $42,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Solarmax Technology by 430.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,866 shares of the company's stock valued at $26,000 after acquiring an additional 12,873 shares during the last quarter.

Solarmax Technology Trading Up 1.4%

SMXT stock traded up $0.02 during mid-day trading on Friday, reaching $1.10. The company's stock had a trading volume of 44,649 shares, compared to its average volume of 2,106,105. The stock has a market cap of $59.46 million, a PE ratio of -3.04 and a beta of 0.54. The company's 50 day moving average is $1.11 and its two-hundred day moving average is $1.13. Solarmax Technology has a fifty-two week low of $0.60 and a fifty-two week high of $2.70.

Solarmax Technology (NASDAQ:SMXT - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.04) EPS for the quarter. The business had revenue of $6.88 million during the quarter.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Solarmax Technology from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th.

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.