FTC Solar, Inc. (NASDAQ:FTCI) Short Interest Up 13.0% in March

FTC Solar, Inc. (NASDAQ:FTCI) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 8,510,000 shares, a growth of 13.0% from the February 29th total of 7,530,000 shares. Based on an average daily volume of 839,300 shares, the short-interest ratio is currently 10.1 days. Currently, 15.3% of the shares of the company are sold short.

Insider Activity

In other news, insider Patrick Cook sold 48,911 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $0.53, for a total transaction of $25,922.83. Following the completion of the transaction, the insider now directly owns 1,245,205 shares of the company’s stock, valued at $659,958.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other FTC Solar news, insider Patrick Cook sold 48,911 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $0.53, for a total transaction of $25,922.83. Following the completion of the sale, the insider now directly owns 1,245,205 shares of the company’s stock, valued at $659,958.65. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ahmad R. Chatila bought 92,500 shares of FTC Solar stock in a transaction on Wednesday, March 20th. The shares were acquired at an average cost of $0.54 per share, with a total value of $49,950.00. Following the completion of the acquisition, the director now owns 777,458 shares of the company’s stock, valued at approximately $419,827.32. The disclosure for this purchase can be found here. Insiders purchased 384,300 shares of company stock valued at $200,436 over the last three months. Insiders own 29.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Electron Capital Partners LLC lifted its position in shares of FTC Solar by 109.1% during the third quarter. Electron Capital Partners LLC now owns 4,298,357 shares of the company’s stock worth $5,502,000 after purchasing an additional 2,242,410 shares in the last quarter. BlackRock Inc. lifted its holdings in FTC Solar by 5.0% in the first quarter. BlackRock Inc. now owns 3,996,772 shares of the company’s stock valued at $8,993,000 after acquiring an additional 189,135 shares during the period. Invesco Ltd. raised its stake in shares of FTC Solar by 8.1% during the 1st quarter. Invesco Ltd. now owns 3,567,308 shares of the company’s stock worth $17,587,000 after buying an additional 267,307 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of FTC Solar by 10.9% during the 4th quarter. Vanguard Group Inc. now owns 2,894,800 shares of the company’s stock worth $2,006,000 after buying an additional 283,721 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its position in FTC Solar by 627.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,181,143 shares of the company’s stock worth $7,023,000 after purchasing an additional 1,881,143 shares in the last quarter. Institutional investors and hedge funds own 45.36% of the company’s stock.

Wall Street Analyst Weigh In

FTCI has been the subject of a number of recent analyst reports. HC Wainwright dropped their price target on shares of FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a research report on Thursday, March 14th. Northland Securities upped their price target on shares of FTC Solar from $0.65 to $1.00 and gave the company a “market perform” rating in a research note on Friday, December 15th. Roth Capital downgraded shares of FTC Solar from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. Finally, Roth Mkm reissued a “neutral” rating and issued a $0.45 target price (down previously from $2.00) on shares of FTC Solar in a research note on Thursday, March 14th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, FTC Solar currently has an average rating of “Hold” and a consensus price target of $1.49.

FTC Solar Stock Performance

Shares of FTCI traded down $0.04 during trading hours on Tuesday, hitting $0.49. The stock had a trading volume of 755,862 shares, compared to its average volume of 765,990. The firm has a 50-day moving average price of $0.53 and a 200 day moving average price of $0.77. FTC Solar has a fifty-two week low of $0.28 and a fifty-two week high of $3.87.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings data on Wednesday, March 13th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. FTC Solar had a negative net margin of 39.60% and a negative return on equity of 59.79%. The company had revenue of $23.20 million during the quarter, compared to analysts’ expectations of $22.80 million. During the same period in the prior year, the business posted ($0.16) earnings per share. Equities research analysts anticipate that FTC Solar will post -0.24 earnings per share 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.