FTC Solar, Inc. (NASDAQ:FTCI) Sees Significant Growth in Short Interest

FTC Solar, Inc. (NASDAQ:FTCI) saw a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 781,000 shares, a growth of 28.5% from the December 15th total of 607,700 shares. Approximately 10.8% of the shares of the stock are sold short. Based on an average daily volume of 183,200 shares, the short-interest ratio is currently 4.3 days.

Insider Transactions at FTC Solar

In related news, CEO Yann Brandt bought 31,450 shares of FTC Solar stock in a transaction dated Friday, December 13th. The shares were bought at an average cost of $3.12 per share, for a total transaction of $98,124.00. Following the completion of the transaction, the chief executive officer now owns 691,700 shares of the company’s stock, valued at approximately $2,158,104. This trade represents a 4.76 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 22.60% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

Several hedge funds have recently bought and sold shares of FTCI. Mercer Global Advisors Inc. ADV increased its position in shares of FTC Solar by 527.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after buying an additional 83,334 shares in the last quarter. XTX Topco Ltd acquired a new position in FTC Solar in the third quarter valued at about $81,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of FTC Solar in the second quarter worth about $42,000. Finally, Geode Capital Management LLC increased its holdings in shares of FTC Solar by 9.2% in the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock worth $522,000 after acquiring an additional 64,325 shares in the last quarter. 45.36% of the stock is currently owned by institutional investors and hedge funds.

FTC Solar Price Performance

Shares of FTC Solar stock traded down $0.04 during trading on Friday, hitting $4.10. 39,828 shares of the company were exchanged, compared to its average volume of 194,373. The firm has a market capitalization of $52.70 million, a P/E ratio of -1.08 and a beta of 1.27. The firm’s fifty day moving average price is $4.05 and its 200 day moving average price is $4.13. FTC Solar has a 1-year low of $1.76 and a 1-year high of $7.40.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a “buy” rating and set a $15.00 price target on shares of FTC Solar in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, FTC Solar has a consensus rating of “Hold” and an average price target of $8.13.

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.