Short Interest in FTC Solar, Inc. (NASDAQ:FTCI) Expands By 60.8%

FTC Solar, Inc. (NASDAQ:FTCI) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 5,710,000 shares, a growth of 60.8% from the September 30th total of 3,550,000 shares. Based on an average trading volume of 6,830,000 shares, the short-interest ratio is presently 0.8 days. Approximately 8.8% of the shares of the company are short sold.

Insider Activity at FTC Solar

In other FTC Solar news, Director Ahmad R. Chatila bought 110,000 shares of the stock in a transaction on Wednesday, September 4th. The shares were acquired at an average price of $0.23 per share, with a total value of $25,300.00. Following the acquisition, the director now directly owns 1,713,046 shares of the company’s stock, valued at $394,000.58. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Ahmad R. Chatila bought 110,000 shares of the stock in a transaction on Wednesday, September 4th. The shares were acquired at an average cost of $0.23 per share, for a total transaction of $25,300.00. Following the purchase, the director now directly owns 1,713,046 shares of the company’s stock, valued at $394,000.58. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ahmad R. Chatila purchased 238,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was 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 trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 1,282,137 shares of company stock worth $304,558. Company insiders own 22.60% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

A number of institutional investors have recently bought and sold shares of FTCI. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of FTC Solar during the 2nd quarter valued at about $42,000. Mercer Global Advisors Inc. ADV raised its position in shares of FTC Solar by 527.9% during 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 last quarter. GSA Capital Partners LLP grew its stake in FTC Solar by 162.2% during the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after acquiring an additional 1,189,960 shares in the last quarter. Fifth Lane Capital LP increased its holdings 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 acquiring an additional 50,000 shares during the last quarter. Finally, TTP Investments Inc. bought a new position in shares of FTC Solar during the 1st quarter valued at about $80,000. 45.36% of the stock is owned by institutional investors.

FTC Solar Price Performance

Shares of NASDAQ:FTCI opened at $0.64 on Tuesday. The company has a market capitalization of $81.23 million, a PE ratio of -1.59 and a beta of 1.76. The business has a fifty day moving average price of $0.44 and a 200-day moving average price of $0.43. FTC Solar has a 1-year low of $0.18 and a 1-year high of $1.36.

FTC Solar (NASDAQ:FTCI) last posted 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 company had revenue of $11.43 million for the quarter, compared to the consensus estimate of $13.09 million. On average, sell-side analysts anticipate that FTC Solar will post -0.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on FTCI shares. UBS Group lowered their price target on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research note on Friday, August 9th. TD Cowen dropped 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. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1.04.

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.