FTC Solar, Inc. (NASDAQ:FTCI) Short Interest Update

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

FTC Solar Stock Performance

FTCI stock traded down $0.04 on Friday, reaching $4.10. The company’s stock had a trading volume of 39,828 shares, compared to its average volume of 194,373. The firm has a market cap of $52.70 million, a PE ratio of -1.08 and a beta of 1.27. The business has a fifty day simple moving average of $4.05 and a two-hundred day simple moving average of $4.13. FTC Solar has a 12-month low of $1.76 and a 12-month high of $7.40.

Insider Activity at FTC Solar

In related news, CEO Yann Brandt acquired 31,450 shares of the stock in a transaction on Friday, December 13th. The stock was purchased at an average price 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 $2,158,104. This trade represents a 4.76 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 22.60% of the stock is owned by insiders.

Institutional Investors Weigh In On FTC Solar

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC boosted its position in shares of FTC Solar by 9.2% during the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock valued at $522,000 after purchasing an additional 64,325 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position 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 valued at $35,000 after buying an additional 83,334 shares during the period. XTX Topco Ltd bought a new stake in shares of FTC Solar during the 3rd quarter valued at $81,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of FTC Solar in the 2nd quarter worth about $42,000. 45.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and set a $15.00 price target on shares of FTC Solar in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, FTC Solar has a consensus rating of “Hold” and a consensus 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.