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

FTC Solar, Inc. (NASDAQ:FTCI) was the recipient of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 5,710,000 shares, an increase of 60.8% from the September 30th total of 3,550,000 shares. Based on an average daily volume of 6,830,000 shares, the days-to-cover ratio is currently 0.8 days. Approximately 8.8% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. UBS Group cut their price objective on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research report on Friday, August 9th. TD Cowen reduced their price objective 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. Four equities research 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 data from MarketBeat, FTC Solar presently has a consensus rating of “Moderate Buy” and an average price target of $1.04.

FTC Solar Trading Down 6.3 %

Shares of FTCI stock opened at $0.66 on Friday. The firm’s fifty day moving average price is $0.43 and its two-hundred day moving average price is $0.43. FTC Solar has a 1 year low of $0.18 and a 1 year high of $1.36. The firm has a market capitalization of $84.47 million, a P/E ratio of -1.65 and a beta of 1.76.

FTC Solar (NASDAQ:FTCI) last released its earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. The business had revenue of $11.43 million for the quarter, compared to analyst estimates of $13.09 million. FTC Solar had a negative return on equity of 75.67% and a negative net margin of 63.17%. As a group, equities research analysts forecast that FTC Solar will post -0.36 EPS for the current fiscal year.

Insider Activity at FTC Solar

In other news, Director Cortes Isidoro Alfonso Quiroga bought 321,337 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were bought 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 approximately $485,435. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Ahmad R. Chatila bought 238,000 shares of the company’s stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $0.21 per share, for a total transaction of $49,980.00. Following the acquisition, the director now owns 1,951,046 shares of the company’s stock, valued at approximately $409,719.66. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Cortes Isidoro Alfonso Quiroga purchased 321,337 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average cost of $0.25 per share, for a total transaction of $80,334.25. Following the purchase, the director now owns 1,941,740 shares of the company’s stock, valued at approximately $485,435. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 1,282,137 shares of company stock worth $304,558. 22.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FTC Solar

Several large investors have recently made changes to their positions in FTCI. Point72 Asia Singapore Pte. Ltd. bought a new stake in FTC Solar during the second quarter worth $42,000. Mercer Global Advisors Inc. ADV grew its position in shares of FTC Solar by 527.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after acquiring an additional 83,334 shares during the period. TTP Investments Inc. acquired a new position in shares of FTC Solar during the 1st quarter worth about $80,000. GSA Capital Partners LLP raised its holdings in shares of FTC Solar by 162.2% in 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 lifted its stake in FTC Solar by 200.0% in 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 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.