( ) 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, 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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