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) was the target of a large drop in short interest in 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 short sold. Based on an average daily trading volume, of 5,520,000 shares, the days-to-cover ratio is presently 0.1 days. Based on an average daily trading volume, of 5,520,000 shares, the days-to-cover ratio is presently 0.1 days. Approximately 2.4% of the company's shares are short sold.

Solarmax Technology Trading Down 1.8%

Shares of NASDAQ SMXT opened at $1.10 on Friday. The firm has a market cap of $59.73 million, a PE ratio of -3.06 and a beta of 0.54. Solarmax Technology has a 1-year low of $0.60 and a 1-year high of $2.70. The company has a fifty day moving average price of $1.11 and a 200 day moving average price of $1.13.

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

Hedge Funds Weigh In On Solarmax Technology

A number of large investors have recently modified their holdings of the business. Northern Trust Corp boosted its stake in shares of Solarmax Technology by 505.8% during the 4th quarter. Northern Trust Corp now owns 198,191 shares of the company's stock worth $321,000 after buying an additional 165,476 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Solarmax Technology during the 2nd quarter worth about $75,000. Jane Street Group LLC acquired a new position in shares of Solarmax Technology during the 2nd quarter worth about $60,000. Qube Research & Technologies Ltd acquired a new position in shares of Solarmax Technology during the 2nd quarter worth about $51,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Solarmax Technology during the 1st quarter worth about $42,000.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised 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.

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