Solarmax Technology (NASDAQ:SMXT) Trading Down 12.3% – Here’s Why

Solarmax Technology, Inc. (NASDAQ:SMXT)’s share price dropped 12.3% during trading on Tuesday . The stock traded as low as $0.80 and last traded at $0.8950. Approximately 9,940,030 shares were traded during trading, an increase of 423% from the average daily volume of 1,899,696 shares. The stock had previously closed at $1.02.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Solarmax Technology in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Solarmax Technology to a “hold” rating in a report on Saturday, September 20th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Solarmax Technology currently has an average rating of “Sell”.

Solarmax Technology Stock Performance

The stock has a 50-day moving average of $0.91 and a 200 day moving average of $1.02. The firm has a market capitalization of $48.60 million, a P/E ratio of -4.71 and a beta of 0.50.

Solarmax Technology (NASDAQ:SMXT) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.04) earnings per share (EPS) for the quarter. The business had revenue of $30.60 million during the quarter.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd acquired a new stake in Solarmax Technology in the 2nd quarter valued at about $75,000. Two Sigma Investments LP acquired a new position in shares of Solarmax Technology during the third quarter worth approximately $236,000. Jane Street Group LLC bought a new stake in shares of Solarmax Technology during the second quarter valued at approximately $60,000. Qube Research & Technologies Ltd bought a new stake in shares of Solarmax Technology during the second quarter valued at approximately $51,000. Finally, Bank of America Corp DE increased its holdings 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 valued at $37,000 after purchasing an additional 18,580 shares in the last quarter.

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.