FTC Solar, Inc. (NASDAQ:FTCI) Short Interest Up 25.9% in October

FTC Solar, Inc. (NASDAQ: FTCIGet 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

(Get a rating)

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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