Short Interest in FTC Solar, Inc. (NASDAQ:FTCI) Declines By 83.0%

FTC Solar, Inc. (NASDAQ:FTCI) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 602,700 shares, a drop of 83.0% from the November 15th total of 3,540,000 shares. Currently, 8.6% of the shares of the stock are short sold. Based on an average trading volume of 719,400 shares, the short-interest ratio is currently 0.8 days.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $15.00 target price on shares of FTC Solar in a report on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $8.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FTCI. Geode Capital Management LLC boosted its position in shares of FTC Solar by 9.2% during the 3rd quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock worth $522,000 after purchasing an additional 64,325 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in FTC Solar by 527.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after acquiring an additional 83,334 shares during the period. XTX Topco Ltd bought a new stake in shares of FTC Solar during the third quarter valued at approximately $81,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in FTC Solar during the second quarter worth $42,000. 45.36% of the stock is owned by institutional investors.

FTC Solar Trading Down 7.9 %

FTCI stock traded down $0.30 during mid-day trading on Wednesday, reaching $3.48. The company’s stock had a trading volume of 345,584 shares, compared to its average volume of 252,028. FTC Solar has a 12 month low of $1.76 and a 12 month high of $9.99. The business’s 50 day moving average price is $4.70 and its 200 day moving average price is $4.18. The company has a market cap of $44.46 million, a price-to-earnings ratio of -0.92 and a beta of 1.57.

FTC Solar Company Profile

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.