Short Interest in FTC Solar, Inc. (NASDAQ:FTCI) Rises By 13.0%

FTC Solar, Inc. (NASDAQ:FTCI) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 5,460,000 shares, an increase of 13.0% from the August 15th total of 4,830,000 shares. Based on an average trading volume of 5,730,000 shares, the days-to-cover ratio is currently 1.0 days. Currently, 8.5% of the company’s stock are short sold.

Insider Buying and Selling at FTC Solar

In other news, Director Cortes Isidoro Alfonso Quiroga acquired 321,337 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was acquired at an average cost of $0.25 per share, for a total transaction of $80,334.25. Following the completion of the acquisition, the director now owns 1,941,740 shares in the company, valued at $485,435. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other FTC Solar news, Director Cortes Isidoro Alfonso Quiroga acquired 321,337 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were purchased at an average price of $0.25 per share, with a total value of $80,334.25. Following the completion of the transaction, the director now owns 1,941,740 shares in the company, valued at $485,435. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ahmad R. Chatila bought 110,000 shares of FTC Solar stock in a transaction on Wednesday, September 4th. The stock was acquired at an average price of $0.23 per share, with a total value of $25,300.00. Following the completion of the purchase, the director now directly owns 1,713,046 shares of the company’s stock, valued at $394,000.58. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,282,137 shares of company stock valued at $304,558 in the last 90 days. 23.10% of the stock is currently owned by corporate insiders.

Institutional Trading of FTC Solar

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV lifted its stake in shares of FTC Solar by 527.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after buying an additional 83,334 shares during the period. Fifth Lane Capital LP lifted its position in shares of FTC Solar by 200.0% in the 1st quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after acquiring an additional 50,000 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of FTC Solar during the 2nd quarter worth approximately $42,000. TTP Investments Inc. bought a new stake in shares of FTC Solar during the first quarter valued at approximately $80,000. Finally, GSA Capital Partners LLP raised its stake in shares of FTC Solar by 162.2% in the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after purchasing an additional 1,189,960 shares in the last quarter. 45.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the company. UBS Group reduced their price target on FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research report on Friday, August 9th. TD Cowen reduced their target price on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a report on Friday, August 9th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1.11.

FTC Solar Stock Performance

FTC Solar stock opened at $0.55 on Wednesday. The business’s 50-day simple moving average is $0.33 and its 200-day simple moving average is $0.42. FTC Solar has a 52 week low of $0.18 and a 52 week high of $1.57. The firm has a market capitalization of $68.97 million, a PE ratio of -1.41 and a beta of 1.53.

FTC Solar (NASDAQ:FTCI) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.01. The company had revenue of $11.43 million for the quarter, compared to the consensus estimate of $13.09 million. FTC Solar had a negative return on equity of 75.67% and a negative net margin of 63.17%. Research analysts forecast that FTC Solar will post -0.32 earnings per share for the current year.

About FTC Solar

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.