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

FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) was the recipient of a significant 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 daily volume of 6,830,000 shares, the days-to-cover ratio is currently 0.8 days. Currently, 8.8% of the shares of the company are sold short.

FTC Solar Stock Performance

NASDAQ FTCI traded down $0.04 during trading on Friday, reaching $0.66. 1,260,474 shares of the company traded hands, compared to its average volume of 1,586,931. FTC Solar has a 1-year low of $0.18 and a 1-year high of $1.36. The stock's 50 day moving average price is $0.43 and its two-hundred day moving average price is $0.43. The company has a market cap of $84.47 million, a price-to-earnings ratio of -1.65 and a beta of 1.76.

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

Insiders Place Their Bets

In other news, Director Ahmad R. Chatila acquired 212,800 shares of FTC Solar stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $0.23 per share, for a total transaction of $48,944.00. Following the completion of the purchase, the director now owns 1,403,046 shares of the company's stock, valued at $322,700.58. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Ahmad R. Chatila bought 212,800 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $0.23 per share, for a total transaction of $48,944.00. Following the purchase, the director now owns 1,403,046 shares of the company's stock, valued at $322,700.58. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ahmad R. Chatila bought 238,000 shares of the business's stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $0.21 per share, with a total value of $49,980.00. Following the transaction, the director now owns 1,951,046 shares in the company, valued at approximately $409,719.66. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 1,282,137 shares of company stock valued at $304,558 over the last 90 days. 22.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP lifted its stake in FTC Solar by 162.2% in the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company's stock valued at $1,037,000 after buying an additional 1,189,960 shares during the period. TTP Investments Inc. bought a new position in shares of FTC Solar during the first quarter worth $80,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of FTC Solar in the 2nd quarter valued at $42,000. Mercer Global Advisors Inc. ADV increased 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 buying an additional 83,334 shares in the last quarter. Finally, Fifth Lane Capital LP raised its stake in FTC Solar by 200.0% during the 1st 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 period. 45.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. UBS Group cut their price target on FTC Solar from $0.50 to $0.30 and set a "neutral" rating for the company in a report on Friday, August 9th. TD Cowen reduced their price target 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. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, FTC Solar has an average rating of "Moderate Buy" and an average price target 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.