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

FTC Solar, Inc. (NASDAQ:FTCI) was the target of a large increase in short interest in the month of April. As of April 15th, there was short interest totalling 9,360,000 shares, an increase of 8.3% from the March 31st total of 8,640,000 shares. Currently, 16.9% of the company’s shares are short sold. Based on an average daily trading volume, of 716,400 shares, the days-to-cover ratio is currently 13.1 days.

FTC Solar Stock Up 2.6 %

Shares of NASDAQ:FTCI traded up $0.01 on Tuesday, hitting $0.46. 531,695 shares of the company traded hands, compared to its average volume of 692,750. The company has a market cap of $57.50 million, a PE ratio of -1.07 and a beta of 1.62. FTC Solar has a 52 week low of $0.28 and a 52 week high of $3.87. The stock has a 50 day simple moving average of $0.49 and a 200-day simple moving average of $0.64.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings data on Wednesday, March 13th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. The company had revenue of $23.20 million for the quarter, compared to analysts’ expectations of $22.80 million. During the same period last year, the firm posted ($0.16) earnings per share. As a group, sell-side analysts anticipate that FTC Solar will post -0.26 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ahmad R. Chatila acquired 101,800 shares of FTC Solar stock in a transaction on Monday, March 18th. The shares were acquired at an average cost of $0.49 per share, with a total value of $49,882.00. Following the transaction, the director now owns 684,958 shares in the company, valued at $335,629.42. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Ahmad R. Chatila bought 101,800 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was purchased at an average price of $0.49 per share, with a total value of $49,882.00. Following the transaction, the director now owns 684,958 shares of the company’s stock, valued at $335,629.42. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ahmad R. Chatila bought 92,500 shares of the stock in a transaction dated Wednesday, March 20th. The stock was purchased at an average price of $0.54 per share, with a total value of $49,950.00. Following the purchase, the director now owns 777,458 shares in the company, valued at $419,827.32. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 384,300 shares of company stock worth $200,436. 29.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FTC Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Connors Investor Services Inc. bought a new position in FTC Solar in the third quarter valued at about $64,000. SG Americas Securities LLC purchased a new stake in shares of FTC Solar during the 4th quarter valued at about $35,000. Raymond James Financial Services Advisors Inc. lifted its stake in shares of FTC Solar by 165.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 127,859 shares of the company’s stock worth $164,000 after purchasing an additional 79,695 shares during the period. Graham Capital Management L.P. boosted its holdings in shares of FTC Solar by 225.7% in the third quarter. Graham Capital Management L.P. now owns 217,061 shares of the company’s stock worth $278,000 after buying an additional 150,407 shares during the last quarter. Finally, Rock Point Advisors LLC boosted its holdings in shares of FTC Solar by 39.8% in the third quarter. Rock Point Advisors LLC now owns 1,679,150 shares of the company’s stock worth $2,149,000 after buying an additional 478,265 shares during the last quarter. Hedge funds and other institutional investors own 45.36% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FTCI. Roth Mkm reaffirmed a “neutral” rating and issued a $0.45 target price (down from $2.00) on shares of FTC Solar in a research report on Thursday, March 14th. HC Wainwright dropped their price objective on shares of FTC Solar from $2.50 to $1.50 and set a “buy” rating on the stock in a research note on Thursday, March 14th. Finally, Roth Capital downgraded shares of FTC Solar from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $1.49.

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.