Solarmax Technology (NASDAQ:SMXT) Shares Up 1.8% – Time to Buy?

Solarmax Technology, Inc. (NASDAQ:SMXT) shares were up 1.8% during mid-day trading on Thursday . The stock traded as high as $0.40 and last traded at $0.3541. Approximately 278,206 shares traded hands during trading, an increase of 58% from the average daily volume of 175,738 shares. The stock had previously closed at $0.3478.

Wall Street Analysts Forecast Growth

SMXT has been the subject of several recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Solarmax Technology in a research report on Friday, July 17th. Wall Street Zen upgraded shares of Solarmax Technology to a “hold” rating in a research report on Saturday, March 28th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Solarmax Technology Stock Performance

The business has a fifty day moving average of $0.42 and a 200-day moving average of $0.61. The firm has a market capitalization of $19.41 million, a P/E ratio of -3.10 and a beta of 0.29.

Solarmax Technology (NASDAQ:SMXT) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.01) earnings per share (EPS) for the quarter. The business had revenue of $14.83 million for the quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its stake in shares of Solarmax Technology by 45.6% in the 1st quarter. Renaissance Technologies LLC now owns 57,483 shares of the company’s stock valued at $40,000 after purchasing an additional 18,000 shares during the period. Bank of America Corp DE raised its holdings in shares of Solarmax Technology by 451.5% in the 4th quarter. Bank of America Corp DE now owns 22,695 shares of the company’s stock worth $37,000 after buying an additional 18,580 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Solarmax Technology by 14.3% during the 4th quarter. Geode Capital Management LLC now owns 329,889 shares of the company’s stock worth $271,000 after buying an additional 41,353 shares during the period. Qube Research & Technologies Ltd bought a new position in shares of Solarmax Technology during the 2nd quarter worth approximately $51,000. Finally, Jane Street Group LLC acquired a new stake in Solarmax Technology in the 2nd quarter valued at $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. It serves residential, commercial, and government customers. SolarMax Technology, Inc was incorporated in 2008 and is headquartered in Riverside, California.