Short Interest in FTC Solar, Inc. (NASDAQ:FTCI) Increases By 17.5%
of 62.2% from the March 31st total of 3,990,000 shares. Based on an average daily volume of 1,200,000 shares, the short-interest ratio is presently 5.4 days. FTC Solar is being target of large growth in short interest. As of April 15th, there was short interest totalling 6,460,000 shares, a growt
( ) saw a significant increase in short interest throughout the month of April. On April 15th there were 6,460,000 shorted shares. This is a 17.5% increase from the total of 5,500,000 on March 31st. The short-interest rate is currently 4.8 days based on an average daily volume of 1,340,000 share. At the moment, 17.5% are short-sold.
Analyst Ratings Changes
FTCI was the subject of recent analyst reports. Raymond James reduced their price target on shares of FTC Solar, from $5.00 down to $4.00. They also set a rating of'strong buy' for the company. This was in a report published on Wednesday, 4th April. HC Wainwright began covering shares of FTC Solar on Thursday, 14th April in a research report. The company was given a 'buy rating' and a target price of $5.00. In a report published on March 15th, Bank of America upgraded shares of FTC Solar to a "buy" rating from an "underperform" rating. They also increased the price target from $2.00 up to $3.50. UBS Group reduced its price target for shares of FTC Solar in a report published on March 29th from $5.00 down to $4.00. Four analysts have given the stock a buy recommendation, while one analyst gave the firm a strong-buy rating. During Monday's trading hours, the stock fell $0.09 to $2.64. Stock of the company traded at 589,822 versus its average of 1,292,055. The company has a moving average for the past fifty days of $2.54, and a moving average for the last 200 days of $2.50. The stock's market cap is $293.05m, with a P/E ratio of -2.67. It also has a beta value of 1.69. FTC Solar's low for the past twelve months is $1.78, and its high for that same period is $6.14.
The company last released its results on February 28th. The company posted ($0.16) in earnings per share for the third quarter, exceeding analysts' expectations of ($0.19) ($0.03) by $0.03. FTC Solar's negative net margin was 80.94%, and its negative return on equity was 95.00%. The company had a revenue of 26.22 million dollars for the quarter compared with analyst estimates of 25.13 million. Analysts expect FTC Solar to post an average of -0.37 earnings per share for the current fiscal period.
FTC Solar: Insider Deals
Arc Family Trust, a major shareholder, sold 70,000 FTC Solar shares in a deal that took place on Monday, the 13th of February. The shares were sold for an average price $2.69 and had a value of $188.300.00. After the sale was completed, the insider owns 15,383,357 company shares, worth approximately $41,381,230.33. Arc Family Trust, a major shareholder, sold 70,000 FTC Solar shares in a deal that took place on Monday, 13th February. The shares were sold for an average price $2.69 and had a value of $188.300.00. After the completion of this sale, the insider owns 15,383,357 company shares, valued at $41,381,230.33. Thurman J. Rogers, a director, also purchased 89 566 shares of company stock on Monday 3rd April. The stock was purchased at an average of $2.26 a share with a value of $202,419.16. After the purchase, the Director now owns 464,566 of the Company's Stock, valued at $1049,919.16. Insiders have sold 357 718 shares worth $1 012,846 of company stock in the past 90 days. Insiders hold 44.10% the company's shares.
FTC Solar Institutional Trading
FTCI shares have been bought and sold by a number of hedge funds in recent months. Invesco Ltd. increased its stake in FTC Solar shares by 8.1% during the first quarter. Invesco Ltd. owns now 3,567,308 of the company’s stock valued at approximately $17,587,000, after adding 267,307 additional shares. Handelsbanken Fonder AB purchased a stake in FTC Solar worth approximately $6,314,000 in the first quarter. BlackRock Inc. increased their position in FTC Solar shares by 67.7% during the first quarter. BlackRock Inc. owns 2,164.042 shares worth $10.670,000, after buying an additional 873.868 shares in the last quarter. Vanguard Group Inc. increased their position in FTC Solar shares by 10.4% during the third quarter. Vanguard Group Inc. owns now 1,912,664 of the company’s stock valued at $5,662,000, after buying an additional 180,361 during the last quarter. State Street Corp increased its holdings of FTC Solar shares by 5.8% during the first quarter. State Street Corp owns now 1,845,243 of the company’s stock worth $9,097,000, after purchasing an additional 101,614 during the period. 28.59% of company stock is owned by institutional investors and hedge fund.
FTC Solar
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FTC Solar, Inc. provides solar tracker technology, software, engineering services, and more in the United States, Vietnam, as well as internationally. Voyager is a brand of single-axis, two-panel tracker systems with a portrait orientation. It also offers SunPath, an energy-enhancing software solution; Atlas, an enterprise-level web database that lets users manage their project portfolios; and SunDAT - a software tool for automated design and optimization solar panel systems on residential, commercial and utility-scaled sites.
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