Tigo Energy, Inc. (NASDAQ:TYGO) Sees Large Increase in Short Interest

Tigo Energy, Inc. (NASDAQ:TYGO) was the recipient of a significant growth in short interest during the month of June. As of June 30th, there was short interest totaling 1,880,423 shares, a growth of 269.7% from the June 15th total of 508,685 shares. Based on an average daily trading volume, of 2,284,763 shares, the short-interest ratio is currently 0.8 days. Approximately 3.4% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Northland Securities set a $6.40 price objective on shares of Tigo Energy in a research note on Thursday, May 7th. Weiss Ratings raised shares of Tigo Energy from a “sell (e+)” rating to a “sell (d+)” rating in a research report on Monday, May 18th. Roth Capital restated a “buy” rating and set a $7.00 target price on shares of Tigo Energy in a report on Wednesday, May 6th. Finally, Wall Street Zen cut Tigo Energy from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.47.

Insider Transactions at Tigo Energy

In related news, Director Tomer Babai sold 63,452 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $4.15, for a total transaction of $263,325.80. Following the transaction, the director owned 214,450 shares of the company’s stock, valued at approximately $889,967.50. This trade represents a 22.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Zvi Alon sold 87,912 shares of Tigo Energy stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $3.52, for a total transaction of $309,450.24. Following the completion of the sale, the chief executive officer owned 1,311,373 shares of the company’s stock, valued at $4,616,032.96. This trade represents a 6.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 463,444 shares of company stock worth $1,631,333. Corporate insiders own 26.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. AIGH Capital Management LLC bought a new stake in Tigo Energy during the first quarter valued at about $27,374,000. Vanguard Group Inc. increased its stake in shares of Tigo Energy by 182.4% in the third quarter. Vanguard Group Inc. now owns 922,226 shares of the company’s stock worth $2,306,000 after purchasing an additional 595,702 shares during the period. Renaissance Technologies LLC lifted its position in shares of Tigo Energy by 46.0% during the 4th quarter. Renaissance Technologies LLC now owns 1,425,040 shares of the company’s stock worth $1,967,000 after purchasing an additional 449,140 shares during the last quarter. Walleye Capital LLC lifted its position in shares of Tigo Energy by 126.7% during the 4th quarter. Walleye Capital LLC now owns 519,899 shares of the company’s stock worth $717,000 after purchasing an additional 290,544 shares during the last quarter. Finally, AWM Investment Company Inc. bought a new stake in Tigo Energy during the 4th quarter valued at approximately $329,000. Institutional investors and hedge funds own 15.72% of the company’s stock.

Tigo Energy Stock Down 8.7%

TYGO stock traded down $0.18 during midday trading on Monday, hitting $1.88. 1,305,582 shares of the company traded hands, compared to its average volume of 1,648,990. Tigo Energy has a twelve month low of $1.19 and a twelve month high of $5.33. The business has a 50 day simple moving average of $3.22 and a 200-day simple moving average of $3.32. The stock has a market capitalization of $142.71 million, a price-to-earnings ratio of 47.01 and a beta of 1.30.

Tigo Energy (NASDAQ:TYGO) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02). The business had revenue of $25.20 million during the quarter, compared to analysts’ expectations of $25.76 million. Tigo Energy had a net margin of 3.07% and a negative return on equity of 41.48%. Equities research analysts forecast that Tigo Energy will post 0.04 EPS for the current year.

Tigo Energy Company Profile

Tigo Energy, Inc (NASDAQ: TYGO) is a U.S.-based provider of module-level power electronics (MLPE) solutions designed to optimize the performance and safety of solar photovoltaic systems. Founded in 2007 and headquartered in Campbell, California, Tigo Energy develops hardware and software tools that enhance energy yield, improve system reliability, and streamline compliance with electrical codes. The company’s technology platform is used by solar installers, project developers, and module manufacturers to deliver higher returns on investment and bolster the safety profile of PV arrays.

At the core of Tigo’s offerings is its TS4 platform, a modular MLPE solution that enables real-time monitoring, rapid shutdown functionality, and maximum power point tracking at the panel level.