Solarmax Technology, Inc. (NASDAQ:SMXT) Stock Short Interest Rises 573.2%

Solarmax Technology, Inc. (NASDAQ:SMXT) saw a large growth in short interest during the month of October. As of October 15th, there was short interest totaling 179,872 shares, a growth of 573.2% from the September 30th total of 26,717 shares. Based on an average daily volume of 538,620 shares, the days-to-cover ratio is currently 0.3 days. Approximately 5.1% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Solarmax Technology in a report on Thursday, October 15th. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Solarmax Technology has a consensus rating of “Sell”.

Solarmax Technology Stock Performance

NASDAQ:SMXT traded up $0.05 during mid-day trading on Wednesday, hitting $4.40. 854 shares of the stock traded hands, compared to its average volume of 87,658. The firm’s 50 day moving average is $3.24 and its two-hundred day moving average is $6.05. Solarmax Technology has a 52 week low of $1.82 and a 52 week high of $15.24.

Solarmax Technology (NASDAQ:SMXT) last issued its earnings results on Wednesday, October 7th. The company reported ($0.98) earnings per share (EPS) for the quarter. The firm had revenue of $10.24 million for the quarter.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Solarmax Technology stock. Renaissance Technologies LLC raised its stake in shares of Solarmax Technology, Inc. (NASDAQ:SMXT) by 45.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 57,483 shares of the company’s stock after buying an additional 18,000 shares during the period. Renaissance Technologies LLC owned about 0.10% of Solarmax Technology worth $40,000 at the end of the most recent quarter.

About Solarmax Technology

SolarMax Technology, Inc is a solar energy company that designs, sells and installs renewable energy systems for residential customers. Its offerings include solar photovoltaic systems, battery energy storage and related equipment, with services covering system design, permitting, installation and grid interconnection. The company also provides ongoing monitoring and support for installed systems.

SolarMax primarily serves customers in the United States, with a focus on the California residential solar market, and also conducts solar-related business in China.