FTC Solar, Inc. (NASDAQ:FTCI) Short Interest Update

FTC Solar, Inc. (NASDAQ:FTCI) saw a large growth in short interest in 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. Based on an average trading volume of 6,600,000 shares, the days-to-cover ratio is presently 1.7 days. Approximately 16.8% of the shares of the company are sold short.

Analyst Ratings Changes

FTCI has been the subject of several recent research reports. TD Cowen reduced their price target on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research note on Friday, August 9th. 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 note on Friday, August 9th. Five analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1.11.

FTC Solar Stock Up 17.4 %

Shares of NASDAQ:FTCI traded up $0.10 during trading on Friday, reaching $0.65. 4,313,490 shares of the company traded hands, compared to its average volume of 2,752,084. The company’s 50 day moving average is $0.35 and its two-hundred day moving average is $0.42. The firm has a market capitalization of $81.02 million, a PE ratio of -1.65 and a beta of 1.53. FTC Solar has a 52 week low of $0.18 and a 52 week high of $1.49.

FTC Solar (NASDAQ:FTCI) last released its earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $11.43 million during the quarter, compared to the consensus estimate of $13.09 million. As a group, research analysts anticipate that FTC Solar will post -0.32 EPS for the current year.

Insider Transactions at FTC Solar

In other FTC Solar news, Director Ahmad R. Chatila bought 238,000 shares of FTC Solar stock in a transaction dated Friday, September 6th. The stock was bought at an average cost of $0.21 per share, for a total transaction of $49,980.00. Following the purchase, the director now owns 1,951,046 shares of the company’s stock, valued at approximately $409,719.66. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Ahmad R. Chatila purchased 238,000 shares of FTC Solar stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average cost of $0.21 per share, for a total transaction of $49,980.00. Following the purchase, the director now directly owns 1,951,046 shares of the company’s stock, valued at approximately $409,719.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ahmad R. Chatila purchased 212,800 shares of FTC Solar stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $0.23 per share, with a total value of $48,944.00. Following the completion of the purchase, the director now directly owns 1,403,046 shares in the company, valued at $322,700.58. The disclosure for this purchase can be found here. In the last three months, insiders acquired 1,282,137 shares of company stock worth $304,558. 23.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On FTC Solar

A number of institutional investors have recently modified their holdings of FTCI. Mercer Global Advisors Inc. ADV raised its holdings 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 worth $35,000 after buying an additional 83,334 shares in the last quarter. Fifth Lane Capital LP raised its holdings 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 worth $40,000 after buying an additional 50,000 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of FTC Solar during the 2nd quarter worth $42,000. TTP Investments Inc. acquired a new position in FTC Solar in the 1st quarter worth about $80,000. Finally, GSA Capital Partners LLP increased its holdings in FTC Solar by 162.2% in the 1st quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock worth $1,037,000 after purchasing an additional 1,189,960 shares in the last quarter. Institutional investors and hedge funds own 45.36% of the company’s stock.

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.