FTC Solar, Inc. (NASDAQ:FTCI – Get Rating) was the target of a significant drop in short interest in November. As of November 30th, there was short interest totalling 5,650,000 shares, a drop of 11.4% from the November 15th total of 6,380,000 shares. Currently, 12.1% of the company’s stock are short sold. Based on an average daily volume of 1,240,000 shares, the short-interest ratio is presently 4.6 days.
FTC Solar Stock Up 1.2 %
Shares of NASDAQ FTCI traded up $0.03 during trading on Friday, reaching $2.63. The company had a trading volume of 1,557,675 shares, compared to its average volume of 1,220,025. The company’s fifty day moving average price is $2.28 and its 200-day moving average price is $3.53. FTC Solar has a 12 month low of $1.78 and a 12 month high of $7.88. The stock has a market cap of $271.64 million, a P/E ratio of -2.53 and a beta of 2.40.
FTC Solar (NASDAQ:FTCI – Get Rating) last posted its quarterly earnings data on Wednesday, November 9th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). FTC Solar had a negative net margin of 51.87% and a negative return on equity of 81.67%. The firm had revenue of $16.57 million during the quarter, compared to the consensus estimate of $17.28 million. As a group, equities analysts predict that FTC Solar will post -0.91 earnings per share for the current year.
Insider Activity at FTC Solar
In other FTC Solar news, major shareholder Arc Family Trust sold 50,000 shares of the business’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $3.77, for a total transaction of $188,500.00. Following the sale, the insider now directly owns 18,027,357 shares of the company’s stock, valued at approximately $67,963,135.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Arc Family Trust sold 50,000 shares of FTC Solar stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $3.77, for a total value of $188,500.00. Following the completion of the transaction, the insider now owns 18,027,357 shares of the company’s stock, valued at approximately $67,963,135.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder South Cone Investments Limited bought 36,859 shares of the company’s stock in a transaction dated Monday, December 5th. The stock was purchased at an average cost of $2.39 per share, for a total transaction of $88,093.01. Following the completion of the acquisition, the insider now owns 14,689,609 shares in the company, valued at approximately $35,108,165.51. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 126,257 shares of company stock valued at $307,352 and sold 1,414,192 shares valued at $3,649,630. 44.10% of the stock is owned by insiders.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in FTC Solar by 4.2% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 90,749 shares of the company’s stock worth $447,000 after purchasing an additional 3,652 shares in the last quarter. Amalgamated Bank bought a new stake in shares of FTC Solar in the 1st quarter valued at $26,000. UBS Group AG lifted its position in shares of FTC Solar by 41.6% during the 3rd quarter. UBS Group AG now owns 18,462 shares of the company’s stock valued at $55,000 after acquiring an additional 5,428 shares during the period. Raymond James & Associates boosted its stake in FTC Solar by 3.4% during the third quarter. Raymond James & Associates now owns 212,169 shares of the company’s stock worth $628,000 after acquiring an additional 6,922 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in FTC Solar by 70.6% during the first quarter. California State Teachers Retirement System now owns 17,619 shares of the company’s stock worth $87,000 after acquiring an additional 7,293 shares in the last quarter. 25.09% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on FTCI. Raymond James decreased their target price on FTC Solar from $6.00 to $5.00 and set a “strong-buy” rating on the stock in a report on Thursday, November 10th. Northland Securities dropped their price objective on shares of FTC Solar to $4.00 in a research report on Tuesday, November 15th. Piper Sandler reduced their target price on shares of FTC Solar to $2.50 in a report on Wednesday, November 16th. Finally, Credit Suisse Group decreased their price target on shares of FTC Solar to $6.00 in a research note on Wednesday, November 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.17.
About FTC Solar
FTC Solar, Inc provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites.