Short Interest in Solarmax Technology, Inc. (NASDAQ:SMXT) Expands By 579.7%

Key Points

• Short interest in Solarmax Technology, Inc. (NASDAQ:SMXT) surged by 579.7% in August, increasing from 214,800 shares to 1,460,000 shares.
• The company received an upgrade from a "sell" rating to a "hold" rating by Wall Street Zen on May 24th.
• Solarmax Technology reported a quarterly EPS of ($0.04) with revenues of $6.88 million for the quarter ending August 14th.

Solarmax Technology, Inc. (NASDAQ:SMXT - Get Free Report) was the target of a significant growth in short interest in August. As of August 15th, there was short interest totaling 1,460,000 shares, agrowthof579.7% from the July 31st total of 214,800 shares. Based on an average trading volume of 5,490,000 shares, the days-to-cover ratio is currently 0.3 days. Currently,4.3% of the shares of the stock are short sold. Currently,4.3% of the shares of the stock are short sold. Based on an average trading volume of 5,490,000 shares, the days-to-cover ratio is currently 0.3 days.

Hedge Funds Weigh In On Solarmax Technology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Solarmax Technology by 430.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,866 shares of the company's stock worth $26,000 after purchasing an additional 12,873 shares during the last quarter. Wells Fargo & Company MN increased its stake in Solarmax Technology by 703.0% during the fourth quarter. Wells Fargo & Company MN now owns 16,141 shares of the company's stock worth $26,000 after acquiring an additional 14,131 shares during the last quarter. Bank of America Corp DE increased its stake 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. Bank of New York Mellon Corp acquired a new stake in Solarmax Technology during the first quarter worth about $42,000. Finally, Barclays PLC increased its stake in Solarmax Technology by 535.6% during the fourth quarter. Barclays PLC now owns 46,290 shares of the company's stock worth $75,000 after acquiring an additional 39,007 shares during the last quarter.

Solarmax Technology Stock Down 3.0%

Shares of SMXT traded down $0.04 on Friday, hitting $1.14. 308,570 shares of the stock traded hands, compared to its average volume of 2,220,029. The firm has a market capitalization of $61.63 million, a P/E ratio of -3.16 and a beta of 0.54. The stock's 50 day moving average is $1.11 and its two-hundred day moving average is $1.14. Solarmax Technology has a 1 year low of $0.60 and a 1 year high of $2.70.

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Solarmax Technology from a "sell" rating to a "hold" rating in a research report 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.