Short Interest in FTC Solar, Inc. (NASDAQ:FTCI) Increases By 13.0%

FTC Solar, Inc. (NASDAQ:FTCI) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 5,460,000 shares, an increase of 13.0% from the August 15th total of 4,830,000 shares. Based on an average trading volume of 5,730,000 shares, the days-to-cover ratio is currently 1.0 days. Currently, 8.5% of the shares of the stock are sold short.

Insider Activity at FTC Solar

In related news, Director Ahmad R. Chatila acquired 238,000 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $0.21 per share, with a total value of $49,980.00. Following the completion of the acquisition, the director now owns 1,951,046 shares of the company’s stock, valued at $409,719.66. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Ahmad R. Chatila acquired 238,000 shares of the company’s stock in a transaction on 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 completion of the purchase, the director now directly owns 1,951,046 shares of the company’s stock, valued at approximately $409,719.66. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Cortes Isidoro Alfonso Quiroga bought 321,337 shares of FTC Solar stock in a transaction dated Wednesday, August 14th. The stock was purchased at an average price of $0.25 per share, for a total transaction of $80,334.25. Following the purchase, the director now directly owns 1,941,740 shares in the company, valued at approximately $485,435. 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. 23.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP lifted its stake in shares of FTC Solar by 162.2% in the 1st quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after purchasing an additional 1,189,960 shares during the period. TTP Investments Inc. bought a new stake in FTC Solar in the first quarter valued at about $80,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in FTC Solar in the second quarter valued at about $42,000. Mercer Global Advisors Inc. ADV lifted its stake in FTC Solar by 527.9% in the second 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 during the period. Finally, Fifth Lane Capital LP boosted its holdings in 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. 45.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FTCI shares. UBS Group cut their target price on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research note on Friday, August 9th. TD Cowen cut their price objective on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, FTC Solar has an average rating of “Moderate Buy” and an average price target of $1.11.

FTC Solar Price Performance

Shares of FTC Solar stock opened at $0.55 on Wednesday. The firm has a 50 day simple moving average of $0.33 and a 200 day simple moving average of $0.42. FTC Solar has a fifty-two week low of $0.18 and a fifty-two week high of $1.57. The firm has a market cap of $68.97 million, a P/E ratio of -1.41 and a beta of 1.53.

FTC Solar (NASDAQ:FTCI) 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 -0.32 EPS for the current year.

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.