Short Interest in FTC Solar, Inc. (NASDAQ:FTCI) Rises By 5.2%

FTC Solar, Inc. (NASDAQ:FTCI) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 8,840,000 shares, a growth of 5.2% from the May 31st total of 8,400,000 shares. Based on an average trading volume of 531,200 shares, the short-interest ratio is currently 16.6 days. Approximately 15.4% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $1.50 price objective on shares of FTC Solar in a research note on Monday, May 13th. Roth Mkm restated a “neutral” rating and set a $0.45 target price (down from $2.00) on shares of FTC Solar in a report on Thursday, March 14th. Finally, Roth Capital downgraded shares of FTC Solar from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, FTC Solar has a consensus rating of “Hold” and an average price target of $1.49.

FTC Solar Price Performance

NASDAQ:FTCI opened at $0.30 on Thursday. The firm has a 50 day simple moving average of $0.46 and a 200-day simple moving average of $0.52. FTC Solar has a 1-year low of $0.28 and a 1-year high of $3.87.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings data on Friday, May 10th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $12.59 million during the quarter, compared to analyst estimates of $12.54 million. FTC Solar had a negative net margin of 47.92% and a negative return on equity of 63.07%. As a group, research analysts expect that FTC Solar will post -0.32 EPS for the current year.

Insider Transactions at FTC Solar

In other news, Director Ahmad R. Chatila bought 114,726 shares of FTC Solar stock in a transaction dated Thursday, June 13th. The stock was bought at an average price of $0.44 per share, for a total transaction of $50,479.44. Following the purchase, the director now owns 1,082,184 shares of the company’s stock, valued at $476,160.96. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 23.10% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Connors Investor Services Inc. acquired a new position in FTC Solar during the third quarter worth approximately $64,000. SG Americas Securities LLC acquired a new position in FTC Solar during the fourth quarter worth approximately $35,000. Fifth Lane Capital LP increased its position 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 purchasing an additional 50,000 shares during the last quarter. TTP Investments Inc. acquired a new position in FTC Solar during the first quarter worth approximately $80,000. Finally, Graham Capital Management L.P. increased its position in FTC Solar by 225.7% during the third 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 last quarter. Institutional investors and hedge funds own 45.36% of the company’s stock.

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.