FTC Solar, Inc. (NASDAQ:FTCI) Sees Significant Increase in Short Interest

FTC Solar, Inc. (NASDAQ:FTCI) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 10,920,000 shares, a growth of 100.0% from the August 31st total of 5,460,000 shares. Approximately 16.8% of the shares of the stock are short sold. Based on an average trading volume of 6,600,000 shares, the short-interest ratio is currently 1.7 days.

Insider Buying and Selling at FTC Solar

In other news, Director Ahmad R. Chatila bought 212,800 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $0.23 per share, for a total transaction of $48,944.00. Following the completion of the acquisition, the director now owns 1,403,046 shares of the company’s stock, valued at $322,700.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Ahmad R. Chatila purchased 212,800 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $0.23 per share, for a total transaction of $48,944.00. Following the completion of the acquisition, the director now directly owns 1,403,046 shares in the company, valued at approximately $322,700.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Cortes Isidoro Alfonso Quiroga purchased 200,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was bought at an average price of $0.25 per share, for a total transaction of $50,000.00. Following the acquisition, the director now owns 2,251,740 shares of the company’s stock, valued at $562,935. The disclosure for this purchase can be found here. Insiders have acquired 1,282,137 shares of company stock worth $304,558 over the last ninety days. Insiders own 23.10% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

A number of large investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of FTC Solar during the 2nd quarter valued at about $42,000. Mercer Global Advisors Inc. ADV grew its stake in shares of FTC Solar by 527.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after purchasing an additional 83,334 shares during the period. TTP Investments Inc. bought a new stake in shares of FTC Solar during the 1st quarter valued at about $80,000. GSA Capital Partners LLP grew its stake in shares of FTC Solar by 162.2% during the 1st 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 during the period. Finally, Fifth Lane Capital LP grew its stake in shares of FTC Solar by 200.0% during the 1st quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock valued at $40,000 after purchasing an additional 50,000 shares during the period. 45.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FTCI shares. UBS Group lowered their price objective 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 lowered their price target on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1.11.

FTC Solar Price Performance

NASDAQ FTCI traded up $0.10 during trading hours on Friday, hitting $0.65. The company’s stock had a trading volume of 4,313,490 shares, compared to its average volume of 2,752,084. FTC Solar has a 12 month low of $0.18 and a 12 month high of $1.49. The company’s 50 day simple moving average is $0.35 and its two-hundred day simple moving average is $0.42. The company has a market cap of $81.02 million, a P/E ratio of -1.65 and a beta of 1.53.

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

FTC Solar Company Profile

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.