Solarmax Technology (NASDAQ:SMXT) Shares Down 10.3% – Here’s What Happened

Solarmax Technology, Inc. (NASDAQ:SMXT) was down 10.3% on Wednesday . The stock traded as low as $0.3110 and last traded at $0.3235. Approximately 210,683 shares traded hands during trading, a decline of 92% from the average daily volume of 2,632,882 shares. The stock had previously closed at $0.3606.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Solarmax Technology in a research report on Tuesday, April 21st. Wall Street Zen raised Solarmax Technology to a “hold” rating in a research report on Saturday, March 28th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Solarmax Technology Stock Down 10.3%

The stock has a market capitalization of $18.41 million, a PE ratio of -2.94 and a beta of 0.04. The stock’s 50 day moving average price is $0.53 and its 200-day moving average price is $0.69.

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

Hedge Funds Weigh In On Solarmax Technology

Large investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its stake in shares of Solarmax Technology by 451.5% in 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 period. Renaissance Technologies LLC raised its stake in Solarmax Technology by 45.6% during 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. Qube Research & Technologies Ltd bought a new stake in Solarmax Technology during the 2nd quarter valued at approximately $51,000. Jane Street Group LLC bought a new stake in Solarmax Technology during the 2nd quarter valued at approximately $60,000. Finally, Two Sigma Investments LP purchased a new position in Solarmax Technology in the 3rd quarter worth approximately $236,000.

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. It serves residential, commercial, and government customers. SolarMax Technology, Inc was incorporated in 2008 and is headquartered in Riverside, California.