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

FTC Solar, Inc. (NASDAQ:FTCI) was the recipient of a large increase in short interest in 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 stock are short sold. Based on an average trading volume of 183,200 shares, the short-interest ratio is presently 4.3 days.

FTC Solar Stock Performance

Shares of FTCI traded down $0.04 during trading hours on Friday, hitting $4.10. The stock had a trading volume of 39,828 shares, compared to its average volume of 194,373. The firm has a market capitalization of $52.70 million, a price-to-earnings ratio of -1.08 and a beta of 1.27. The firm has a 50-day moving average price of $4.05 and a 200 day moving average price of $4.13. FTC Solar has a fifty-two week low of $1.76 and a fifty-two week high of $7.40.

Insider Transactions at FTC Solar

In other FTC Solar news, CEO Yann Brandt acquired 31,450 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were acquired at an average cost of $3.12 per share, with a total value of $98,124.00. Following the acquisition, the chief executive officer now directly owns 691,700 shares of the company’s stock, valued at approximately $2,158,104. The trade was a 4.76 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 22.60% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

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

Analysts Set New Price Targets

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