FTC Solar, Inc. (NASDAQ:FTCI) Short Interest Up 28.5% in December

FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) was the target of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 781,000 shares, an increase of 28.5% from the December 15th total of 607,700 shares. Based on an average daily trading volume, of 183,200 shares, the days-to-cover ratio is currently 4.3 days. Currently, 10.8% of the shares of the company are short sold.

FTC Solar Stock Down 1.0 %

FTCI traded down $0.04 during midday trading on Friday, reaching $4.10. The company had a trading volume of 39,828 shares, compared to its average volume of 194,373. The business has a 50-day moving average of $4.05 and a two-hundred day moving average of $4.13. FTC Solar has a 1 year low of $1.76 and a 1 year high of $7.40. The company has a market cap of $52.69 million, a P/E ratio of -1.08 and a beta of 1.27.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a "buy" rating and set a $15.00 price target on shares of FTC Solar in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, FTC Solar currently has a consensus rating of "Hold" and a consensus target price of $8.13.

Insiders Place Their Bets

In other news, CEO Yann Brandt acquired 31,450 shares of FTC Solar stock in a transaction that occurred on Friday, December 13th. The stock was bought at an average price of $3.12 per share, for a total transaction of $98,124.00. Following the completion of the transaction, the chief executive officer now owns 691,700 shares in the company, valued at $2,158,104. The trade was a 4.76 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 22.60% of the stock is owned by insiders.

Institutional Investors Weigh In On FTC Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of FTC Solar by 9.2% in the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company's stock worth $522,000 after acquiring an additional 64,325 shares during the period. Mercer Global Advisors Inc. ADV lifted its holdings in 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 in the last quarter. XTX Topco Ltd bought a new position in FTC Solar in the 3rd quarter worth approximately $81,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in FTC Solar in the 2nd quarter worth approximately $42,000. Institutional investors own 45.36% of the company's stock.

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.