FTC Solar, Inc. (NASDAQ:FTCI) Short Interest Up 8.3% in April

FTC Solar, Inc. (NASDAQ:FTCI) was the recipient of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 9,360,000 shares, an increase of 8.3% from the March 31st total of 8,640,000 shares. Currently, 16.9% of the shares of the company are sold short. Based on an average daily volume of 716,400 shares, the short-interest ratio is presently 13.1 days.

Insider Activity at FTC Solar

In related news, insider Patrick Cook sold 48,911 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $0.53, for a total value of $25,922.83. Following the completion of the sale, the insider now owns 1,245,205 shares in the company, valued at $659,958.65. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Ahmad R. Chatila bought 92,600 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was bought at an average cost of $0.55 per share, with a total value of $50,930.00. Following the completion of the acquisition, the director now owns 870,058 shares in the company, valued at approximately $478,531.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick Cook sold 48,911 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Insiders bought a total of 384,300 shares of company stock worth $200,436 over the last 90 days. Company insiders own 29.70% of the company’s stock.

Institutional Trading of FTC Solar

A number of hedge funds have recently bought and sold shares of FTCI. Raymond James Financial Services Advisors Inc. boosted its position in FTC Solar by 165.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 127,859 shares of the company’s stock worth $164,000 after acquiring an additional 79,695 shares during the last quarter. Essex Investment Management Co. LLC acquired a new stake in FTC Solar during the third quarter worth approximately $756,000. Rock Point Advisors LLC boosted its position in FTC Solar by 39.8% during the third quarter. Rock Point Advisors LLC now owns 1,679,150 shares of the company’s stock worth $2,149,000 after acquiring an additional 478,265 shares during the last quarter. Maven Securities LTD acquired a new stake in FTC Solar during the third quarter worth approximately $960,000. Finally, Electron Capital Partners LLC boosted its holdings in shares of FTC Solar by 109.1% in the 3rd quarter. Electron Capital Partners LLC now owns 4,298,357 shares of the company’s stock valued at $5,502,000 after purchasing an additional 2,242,410 shares during the last quarter. Institutional investors and hedge funds own 45.36% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on FTCI. Roth Mkm reaffirmed a “neutral” rating and issued a $0.45 target price (down from $2.00) on shares of FTC Solar in a report on Thursday, March 14th. HC Wainwright dropped their target price on shares of FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a report on Thursday, March 14th. Finally, Roth Capital cut 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 given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $1.49.

FTC Solar Price Performance

Shares of FTCI opened at $0.45 on Thursday. The firm has a 50 day simple moving average of $0.49 and a 200-day simple moving average of $0.64. FTC Solar has a 1-year low of $0.28 and a 1-year high of $3.87. The stock has a market cap of $56.31 million, a price-to-earnings ratio of -1.04 and a beta of 1.62.

FTC Solar (NASDAQ:FTCI) last issued 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 business had revenue of $23.20 million during the quarter, compared to analysts’ expectations of $22.80 million. During the same period last year, the company posted ($0.16) EPS. On average, equities analysts expect that FTC Solar will post -0.26 earnings per share 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.