Short Interest in FTC Solar, Inc. (NASDAQ:FTCI) Increases By 28.5%

FTC Solar, Inc. (NASDAQ:FTCI) saw a significant growth in short interest in 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. Based on an average daily volume of 183,200 shares, the short-interest ratio is presently 4.3 days. Currently, 10.8% of the shares of the company are short sold.

Analyst Ratings Changes

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

FTC Solar Stock Performance

Shares of FTCI traded down $0.04 during mid-day trading on Friday, hitting $4.10. 39,828 shares of the stock were exchanged, compared to its average volume of 194,373. The firm has a 50-day moving average of $4.05 and a two-hundred day moving average of $4.13. FTC Solar has a 52-week low of $1.76 and a 52-week high of $7.40. The company has a market cap of $52.70 million, a PE ratio of -1.08 and a beta of 1.27.

Insider Activity at FTC Solar

In other FTC Solar news, CEO Yann Brandt bought 31,450 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 22.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On FTC Solar

Several institutional investors have recently bought and sold shares of FTCI. Geode Capital Management LLC grew its holdings in FTC Solar by 9.2% during the 3rd 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 during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of FTC Solar in the second quarter worth approximately $42,000. XTX Topco Ltd bought a new stake in shares of FTC Solar during the third quarter worth $81,000. Finally, Mercer Global Advisors Inc. ADV boosted its position in 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 during the period. Institutional investors own 45.36% of the company’s stock.

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.