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

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

Analyst Ratings Changes

Several brokerages have recently issued reports on FTCI. Roth Mkm reiterated a "neutral" rating and issued a $0.45 price target (down previously from $2.00) on shares of FTC Solar in a research note on Thursday, March 14th. Roth Capital downgraded FTC Solar from a "buy" rating to a "neutral" rating in a research note on Thursday, March 14th. Finally, HC Wainwright reduced their price target 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. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $1.49.

FTC Solar Stock Up 2.6 %

Shares of FTCI stock traded up $0.01 during mid-day trading on Tuesday, reaching $0.46. 531,695 shares of the stock traded hands, compared to its average volume of 692,750. The stock's fifty day simple moving average is $0.49 and its two-hundred day simple moving average is $0.64. FTC Solar has a 1-year low of $0.28 and a 1-year high of $3.87. The company has a market cap of $57.50 million, a price-to-earnings ratio of -1.07 and a beta of 1.62.

FTC Solar (NASDAQ:FTCI - Get Free Report) last announced its quarterly earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $23.20 million during the quarter, compared to analysts' expectations of $22.80 million. FTC Solar had a negative net margin of 39.60% and a negative return on equity of 59.79%. During the same period in the prior year, the company posted ($0.16) EPS. On average, equities research analysts anticipate that FTC Solar will post -0.26 EPS for the current fiscal year.

Insider Transactions at FTC Solar

In other FTC Solar news, Director Ahmad R. Chatila acquired 97,400 shares of the business's stock in a transaction on Tuesday, March 26th. The stock was purchased at an average price of $0.51 per share, with a total value of $49,674.00. Following the acquisition, the director now directly owns 967,458 shares of the company's stock, valued at approximately $493,403.58. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Ahmad R. Chatila bought 97,400 shares of the business's stock in a transaction dated Tuesday, March 26th. The stock was purchased at an average cost of $0.51 per share, for a total transaction of $49,674.00. Following the transaction, the director now owns 967,458 shares in the company, valued at approximately $493,403.58. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ahmad R. Chatila purchased 101,800 shares of the firm's stock in a transaction that occurred on Monday, March 18th. The stock was bought at an average price of $0.49 per share, for a total transaction of $49,882.00. Following the transaction, the director now directly owns 684,958 shares of the company's stock, valued at approximately $335,629.42. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 384,300 shares of company stock valued at $200,436. 29.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Connors Investor Services Inc. acquired a new stake in shares of FTC Solar in the third quarter valued at about $64,000. SG Americas Securities LLC bought a new position in FTC Solar during the 4th quarter worth approximately $35,000. Raymond James Financial Services Advisors Inc. lifted its position 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. lifted its position in shares of FTC Solar by 225.7% in the 3rd quarter. Graham Capital Management L.P. now owns 217,061 shares of the company's stock worth $278,000 after purchasing an additional 150,407 shares during the period. Finally, Essex Investment Management Co. LLC bought a new stake in shares of FTC Solar in the 3rd quarter valued at $756,000. 45.36% of the stock is owned by institutional investors.

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.

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