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

FTC Solar, Inc. (NASDAQ:FTCI) was the recipient of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 10,920,000 shares, a growth of 100.0% from the August 31st total of 5,460,000 shares. Based on an average daily trading volume, of 6,600,000 shares, the days-to-cover ratio is presently 1.7 days. Currently, 16.8% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, Director Ahmad R. Chatila acquired 110,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were purchased at an average cost of $0.23 per share, with a total value of $25,300.00. Following the completion of the purchase, the director now owns 1,713,046 shares of the company’s stock, valued at $394,000.58. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Ahmad R. Chatila purchased 110,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average cost of $0.23 per share, with a total value of $25,300.00. Following the completion of the purchase, the director now directly owns 1,713,046 shares of the company’s stock, valued at $394,000.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cortes Isidoro Alfonso Quiroga purchased 321,337 shares of the firm’s stock in a transaction dated 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 purchase, the director now directly owns 1,941,740 shares of the company’s stock, valued at $485,435. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 1,282,137 shares of company stock valued at $304,558. 23.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On FTC Solar

Institutional investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP lifted its position in shares of FTC Solar by 162.2% during the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock worth $1,037,000 after acquiring an additional 1,189,960 shares in the last quarter. Fifth Lane Capital LP boosted its stake in FTC Solar by 200.0% during the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock valued at $40,000 after buying an additional 50,000 shares during the period. TTP Investments Inc. purchased a new position in FTC Solar during the first quarter worth about $80,000. Point72 Asia Singapore Pte. Ltd. bought a new position in FTC Solar in the 2nd quarter worth about $42,000. Finally, Mercer Global Advisors Inc. ADV raised its holdings 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 in the last quarter. Institutional investors own 45.36% of the company’s stock.

FTC Solar Stock Up 17.4 %

FTCI traded up $0.10 during trading on Friday, hitting $0.65. 4,313,490 shares of the company’s stock were exchanged, compared to its average volume of 2,752,084. The business’s 50 day moving average is $0.35 and its two-hundred day moving average is $0.42. FTC Solar has a fifty-two week low of $0.18 and a fifty-two week high of $1.49. The stock has a market cap of $81.02 million, a P/E ratio of -1.65 and a beta of 1.53.

FTC Solar (NASDAQ:FTCI) last announced its earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. The company had revenue of $11.43 million during the quarter, compared to the consensus estimate of $13.09 million. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. On average, sell-side analysts forecast that FTC Solar will post -0.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FTCI. TD Cowen cut their target price on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a report on Friday, August 9th. UBS Group dropped their price objective on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a report on Friday, August 9th. Five investment 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. According to data from MarketBeat, FTC Solar has an average rating of “Moderate Buy” and an average target price of $1.11.

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.