FTC Solar, Inc. (NASDAQ:FTCI) Short Interest Update
FTC Solar, Inc. (NASDAQ:FTCI) experienced a significant increase in short interest, rising 60.8% to 5,710,000 shares by October 15. This represents 8.8% of the company's shares sold short, with a short-interest ratio of 0.8 days based on an average trading volume of 6,830,000 shares. Additionally, insider purchases included 238,000 shares by Director Ahmad R. Chatila and 321,337 shares by Director Cortes Isidoro Alfonso Quiroga. Institutional investors have also increased their stakes, with 45.36% of the stock now owned by them.
FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) was the target 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 trading volume of 6,830,000 shares, the days-to-cover ratio is currently 0.8 days. Currently, 8.8% of the shares of the stock are sold short.
Insider Activity at FTC Solar
In other FTC Solar news, Director Ahmad R. Chatila purchased 238,000 shares of the business's stock in a transaction on Friday, September 6th. The stock was purchased at an average price of $0.21 per share, for a total transaction of $49,980.00. Following the completion of the purchase, the director now directly owns 1,951,046 shares in the company, valued at approximately $409,719.66. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Cortes Isidoro Alfonso Quiroga bought 321,337 shares of FTC Solar stock in a transaction dated Wednesday, August 14th. The shares were bought at an average price 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 trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ahmad R. Chatila bought 238,000 shares of the 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 in the company, valued at $409,719.66. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,282,137 shares of company stock valued at $304,558 over the last quarter. 22.60% of the stock is owned by company insiders.
Institutional Trading of FTC Solar
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Lane Capital LP raised its stake in shares of FTC Solar by 200.0% during the first 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 during the last quarter. GSA Capital Partners LLP raised its position 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 acquiring an additional 1,189,960 shares during the last quarter. TTP Investments Inc. acquired a new position in shares of FTC Solar in the 1st quarter valued at $80,000. Mercer Global Advisors Inc. ADV boosted 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 worth $35,000 after purchasing an additional 83,334 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of FTC Solar during the second quarter worth $42,000. 45.36% of the stock is owned by institutional investors.
FTC Solar Price Performance
Shares of FTC Solar stock opened at $0.66 on Friday. The firm has a 50 day simple moving average of $0.43 and a 200 day simple moving average of $0.43. FTC Solar has a fifty-two week low of $0.18 and a fifty-two week high of $1.36. The firm has a market cap of $84.47 million, a P/E ratio of -1.65 and a beta of 1.76.
FTC Solar (NASDAQ:FTCI - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $13.09 million. On average, sell-side analysts expect that FTC Solar will post -0.36 EPS for the current year.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on the stock. TD Cowen dropped their price objective on shares of FTC Solar from $1.50 to $1.00 and set a "buy" rating for the company in a report on Friday, August 9th. UBS Group cut 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. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $1.04.
Read Our Latest Research Report on FTCI
FTC Solar Company Profile
(Get Free Report)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.
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