FTC Solar, Inc. (NASDAQ: FTCI – Get a rating) was the target of significant growth in short interest during the month of October. As of October 31, there was short interest totaling 5,450,000 shares, up 25.9% from the October 15 total of 4,330,000 shares. Based on an average trading volume of 1,040,000 shares, the day-to-cover ratio is currently 5.2 days. Approximately 14.7% of the company’s shares are sold short.
FTC Solar Stock Performance
NASDAQ: FTCI traded down $0.05 on Tuesday, hitting $2.41. The stock recorded a trading volume of 1,382,635 shares, compared to an average volume of 1,214,219 shares. The company’s fifty-day simple moving average is $2.86 and its two-hundred-day simple moving average is $3.74. FTC Solar has a 1-year low of $1.78 and a 1-year high of $10.97. The stock has a market capitalization of $248.92 million, a P/E ratio of -2.32 and a beta of 2.44.
A Wall Street analyst gives his opinion
FTCI has been the subject of several recent research reports. Piper Sandler lowered its price target on FTC Solar shares from $4.50 to $3.50 and set a “neutral” rating on the stock in a Monday, October 17 research report. Northland Securities lowered its price target on FTC Solar shares to $4.00 in a research report on Tuesday. Finally, Raymond James lowered his price target on FTC Solar shares from $6.00 to $5.00 and set a “Strong Buy” rating on the stock in a Thursday, November 10 research report. . One analyst rated the stock with a sell rating, one gave the stock a hold rating, four gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat, FTC Solar currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.45.
Insider Buying and Selling at FTC Solar
In other FTC Solar news, major shareholder Arc Family Trust sold 50,000 shares of the company in a trade on Wednesday, August 17. The shares were sold at an average price of $4.65, for a total transaction of $232,500.00. Following the sale, the insider now owns 18,847,357 shares of the company, valued at $87,640,210.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Separately, insider Patrick Cook sold 175,000 shares in a trade dated Thursday, August 18. The shares were sold at an average price of $4.56, for a total transaction of $798,000.00. Following the transaction, the insider now owns 258,398 shares of the company, valued at approximately $1,178,294.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via the SEC website. Additionally, major shareholder Arc Family Trust sold 50,000 shares in a trade dated Wednesday, August 17. The stock was sold at an average price of $4.65, for a total transaction of $232,500.00. Following the transaction, the insider now directly owns 18,847,357 shares of the company, valued at approximately $87,640,210.05. Disclosure of this sale can be found here. During the last quarter, insiders sold 1,631,365 shares of the company valued at $5,507,183. 44.10% of the shares are currently held by insiders.
Institutional investors weigh in on FTC Solar
Large investors have recently changed their stock holdings. Rock Point Advisors LLC purchased a new stake in FTC Solar stock during Q1 for approximately $1,674,000. Heartland Advisors Inc. increased its stake in FTC Solar shares by 60.0% during the 1st quarter. Heartland Advisors Inc. now owns 400,000 shares of the company worth $1,972,000 after buying an additional 150,000 shares in the last quarter. KBC Group NV purchased a new equity stake in FTC Solar during the 1st quarter for a value of approximately $328,000. Belpointe Asset Management LLC increased its stake in FTC Solar shares by 64.6% during the 1st quarter. Belpointe Asset Management LLC now owns 33,776 shares of the company worth $167,000 after purchasing an additional 13,260 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new equity stake in FTC Solar during Q2 for approximately $2,449,000. Hedge funds and other institutional investors hold 25.09% of the company’s shares.
FTC Solar Company Profile
FTC Solar, Inc provides solar tracking systems, technology, software and engineering services in the United States, Vietnam and around the world. It offers dual-panel portrait single-axis tracking solutions under the Voyager brand. The company also provides SunPath, a software solution to improve energy production; Atlas, an enterprise web database that allows users to manage their project portfolio; and SunDAT, a software solution for automated design and optimization of solar panel systems at residential, commercial and large-scale sites.
Further reading
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