Solarmax Technology (NASDAQ:SMXT) Stock Price Down 5.2% - What's Next?

Key Points

• Solarmax Technology's stock price dropped by 5.2% to $1.09, with trading volume declining to about 556,123 shares, significantly below its average daily volume of 627,387 shares.
• The company's market capitalization stands at $59.19 million and it reported a quarterly earnings loss of ($0.04) EPS with revenues of $6.88 million.
• Analysts at Wall Street Zen upgraded Solarmax Technology from a "sell" to a "hold" rating, reflecting a shift in sentiment regarding the stock.

Solarmax Technology, Inc. (NASDAQ:SMXT - Get Free Report)'s share price was down 5.2% during mid-day trading on Tuesday . The company traded as low as $1.06 and last traded at $1.09. Approximately 556,123 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 627,387 shares. The stock had previously closed at $1.15.

Analyst Upgrades and Downgrades

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 Stock Down 1.8%

The business's 50 day simple moving average is $1.11 and its two-hundred day simple moving average is $1.13. The stock has a market cap of $59.73 million, a P/E ratio of -3.06 and a beta of 0.53.

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

Hedge Funds Weigh In On Solarmax Technology

Several large investors have recently bought and sold shares of SMXT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Solarmax Technology by 430.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,866 shares of the company's stock valued at $26,000 after purchasing an additional 12,873 shares during the last quarter. Bank of America Corp DE raised its position in Solarmax Technology by 451.5% in the fourth quarter. Bank of America Corp DE now owns 22,695 shares of the company's stock valued at $37,000 after purchasing an additional 18,580 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Solarmax Technology in the first quarter valued at about $42,000. Qube Research & Technologies Ltd bought a new position in Solarmax Technology in the second quarter valued at about $51,000. Finally, Jane Street Group LLC bought a new position in Solarmax Technology in the second quarter valued at about $60,000.

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.