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

FTC Solar, Inc. (NASDAQ:FTCI) was the target of a significant increase in short interest in 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 short-interest ratio is currently 4.3 days. Currently, 10.8% of the company’s shares are short sold.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of FTC Solar in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $8.13.

Insider Activity at FTC Solar

In related news, CEO Yann Brandt acquired 31,450 shares of the stock in a transaction dated 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 purchase, the chief executive officer now directly owns 691,700 shares of the company’s stock, valued at $2,158,104. The trade was a 4.76 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 22.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On FTC Solar

A number of hedge funds have recently made changes to their positions in FTCI. Geode Capital Management LLC raised its holdings in shares of FTC Solar by 9.2% in the 3rd quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock worth $522,000 after purchasing an additional 64,325 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of FTC Solar in the second quarter valued at $42,000. XTX Topco Ltd purchased a new position in shares of FTC Solar during the 3rd quarter valued at $81,000. Finally, Mercer Global Advisors Inc. ADV grew its stake in shares of FTC Solar by 527.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after acquiring an additional 83,334 shares during the period. 45.36% of the stock is currently owned by institutional investors.

FTC Solar Stock Down 1.0 %

FTC Solar stock traded down $0.04 during mid-day trading on Friday, reaching $4.10. 39,828 shares of the company’s stock were exchanged, compared to its average volume of 194,373. The business’s fifty day simple moving average is $4.05 and its 200 day simple moving average is $4.13. FTC Solar has a one year low of $1.76 and a one year high of $7.40. The firm has a market capitalization of $52.70 million, a PE ratio of -1.08 and a beta of 1.27.

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.