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

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

Institutional Trading of FTC Solar

A number of large investors have recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV lifted its position in shares of FTC Solar by 527.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after buying an additional 83,334 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in FTC Solar in the 2nd quarter valued at about $42,000. XTX Topco Ltd purchased a new stake in FTC Solar during the third quarter valued at about $81,000. Finally, Geode Capital Management LLC boosted its position in FTC Solar by 9.2% during the third 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 during the period. 45.36% of the stock is owned by hedge funds and other institutional investors.

FTC Solar Stock Performance

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

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and set a $15.00 price target on shares of FTC Solar in a report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $8.50.

About FTC Solar

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.