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

FTC Solar, Inc. (NASDAQ:FTCI) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 781,000 shares, an increase of 28.5% from the December 15th total of 607,700 shares. Based on an average daily volume of 183,200 shares, the short-interest ratio is currently 4.3 days. Approximately 10.8% of the company’s stock are sold short.

Insiders Place Their Bets

In other FTC Solar news, CEO Yann Brandt bought 31,450 shares of FTC Solar stock in a transaction that occurred on Friday, December 13th. The stock was acquired at an average price of $3.12 per share, for a total transaction of $98,124.00. Following the completion of the acquisition, the chief executive officer now owns 691,700 shares of the company’s stock, valued at $2,158,104. This trade represents a 4.76 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 22.60% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

Several hedge funds have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV boosted 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 during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in FTC Solar during the second quarter worth approximately $42,000. XTX Topco Ltd bought a new stake in shares of FTC Solar during the third quarter worth approximately $81,000. Finally, Geode Capital Management LLC grew its position in shares of FTC Solar by 9.2% in the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock valued at $522,000 after purchasing an additional 64,325 shares during the last quarter. Institutional investors and hedge funds own 45.36% of the company’s stock.

FTC Solar Price Performance

NASDAQ FTCI traded down $0.04 on Friday, hitting $4.10. 39,828 shares of the stock were exchanged, compared to its average volume of 194,373. The company has a market capitalization of $52.70 million, a PE ratio of -1.08 and a beta of 1.27. The business’s fifty day moving average is $4.05 and its 200 day moving average is $4.13. FTC Solar has a 52 week low of $1.76 and a 52 week high of $7.40.

Analyst Ratings Changes

Separately, HC Wainwright restated a “buy” rating and issued a $15.00 price objective on shares of FTC Solar in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.13.

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.