Solarmax Technology (NASDAQ:SMXT) Upgraded to "Hold" at Wall Street Zen

Key Points

• Solarmax Technology has been upgraded to a "hold" rating by analysts at Wall Street Zen.
• The company's stock price rose by 2.8%, opening at $1.11, with a market cap of $60.27 million.
• Recent hedge fund activity showed significant changes in ownership, with Northern Trust Corp increasing its stake by 505.8% in the last quarter.

Solarmax Technology (NASDAQ:SMXT - Get Free Report) was upgraded by analysts at Wall Street Zen to a "hold" rating in a research note issued on Saturday.

Solarmax Technology Stock Up 2.8%

Shares of SMXT stock opened at $1.11 on Friday. The stock has a market cap of $60.27 million, a P/E ratio of -3.08 and a beta of 0.54. Solarmax Technology has a 52 week low of $0.60 and a 52 week high of $2.70. The company's fifty day simple moving average is $1.11 and its two-hundred day simple moving average is $1.13.

Solarmax Technology (NASDAQ:SMXT - Get Free Report) last announced 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 for the quarter.

Hedge Funds Weigh In On Solarmax Technology

Hedge funds have recently added to or reduced their stakes in the company. Northern Trust Corp grew its holdings in Solarmax Technology by 505.8% during the 4th quarter. Northern Trust Corp now owns 198,191 shares of the company's stock valued at $321,000 after purchasing an additional 165,476 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Solarmax Technology in the 1st quarter worth about $42,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Solarmax Technology by 430.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,866 shares of the company's stock worth $26,000 after acquiring an additional 12,873 shares in the last quarter. Jane Street Group LLC bought a new position in Solarmax Technology in the 2nd quarter worth about $60,000. Finally, Qube Research & Technologies Ltd bought a new position in Solarmax Technology in the 2nd quarter worth about $51,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.