FTC Solar, Inc. (NASDAQ:FTCI – Get Free Report) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 5,460,000 shares, an increase of 13.0% from the August 15th total of 4,830,000 shares. Based on an average daily volume of 5,730,000 shares, the days-to-cover ratio is presently 1.0 days. Currently, 8.5% of the company’s stock are short sold.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the company. UBS Group reduced their price objective on FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research note on Friday, August 9th. TD Cowen reduced their price objective on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Five analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, FTC Solar currently has an average rating of “Moderate Buy” and an average target price of $1.11.
Get Our Latest Stock Report on FTCI
Insider Buying and Selling
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of FTCI. Mercer Global Advisors Inc. ADV grew its holdings in FTC Solar by 527.9% during the second 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. Fifth Lane Capital LP grew its holdings 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 acquiring an additional 50,000 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in FTC Solar during the second quarter worth $42,000. TTP Investments Inc. acquired a new position in FTC Solar during the first quarter worth $80,000. Finally, GSA Capital Partners LLP grew its holdings in FTC Solar by 162.2% during the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock worth $1,037,000 after acquiring an additional 1,189,960 shares during the period. Institutional investors and hedge funds own 45.36% of the company’s stock.
FTC Solar Trading Up 20.4 %
NASDAQ:FTCI opened at $0.55 on Wednesday. The firm has a market cap of $68.97 million, a P/E ratio of -1.41 and a beta of 1.53. The stock’s 50 day simple moving average is $0.33 and its 200-day simple moving average is $0.42. FTC Solar has a 12-month low of $0.18 and a 12-month high of $1.57.
FTC Solar (NASDAQ:FTCI – Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $11.43 million for the quarter, compared to analyst estimates of $13.09 million. FTC Solar had a negative return on equity of 75.67% and a negative net margin of 63.17%. Research analysts forecast that FTC Solar will post -0.32 EPS for the current fiscal 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.
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