Negative sentiment towards FTCI reflected in surge in short interest


Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. FTC Solar Inc. shares valued at $451,598 were sold by Cherukupalli Nagendra on May 15. At $3.28 per share, Cherukupalli Nagendra sold 137,820 shares. The insider’s holdings dropped to 1,690,014 shares worth approximately $4.8 million following the completion of this transaction.

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Also, Mullings Tamara sold 22,000 shares, netting a total of over 69,741 in proceeds. Following the sale of shares at $3.17 each, the insider now holds 218,605 shares.

Before that, Hunkler Sean had sold 6,407 shares from its account. In a trade valued at $17,619, the President & CEO traded FTC Solar Inc. shares for $2.75 each. Upon closing the transaction, the insider’s holdings decreased to 6,407 shares, worth approximately $1.9 million.

Analyzing FTCI Stock Performance

On Thursday, FTC Solar Inc. [NASDAQ: FTCI] plunged -12.35% to $2.84. The stock’s lowest price that day was $2.63, but it reached a high of $3.29 in the same session. During the last five days, there has been a drop of approximately -5.96%. Over the course of the year, FTC Solar Inc. shares have jumped approximately 5.97%. Shares of the company reached a 52-week high of $3.56 on 05/23/23 and a 52-week low of $1.98 on 03/21/23. A 50-day SMA is recorded $2.61, while a 200-day SMA reached $2.86. Nevertheless, trading volume fell to 4.79 million shares from 1.19 million shares the previous day.

Support And Resistance Levels for FTC Solar Inc. (FTCI)

According to the 24-hour chart, there is a support level at 2.55, which, if violated, would cause prices to drop to 2.26. In the upper region, resistance lies at 3.21. The next price resistance is at 3.58. RSI (Relative Strength Index) is 48.01 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.09, which suggests the price will decrease in the coming days. Percent R is at 71.86%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is FTC Solar Inc. subject to short interest?

Stocks of FTC Solar Inc. saw a sharp rise in short interest on May 14, 2023 jumping by 0.6 million shares to 7.06 million. Data from Yahoo Finance shows that the short interest on Apr 13, 2023 was 6.46 million shares. A jump of 8.5% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.82 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.82.

Which companies own the most shares of FTC Solar Inc. (FTCI)?

According to Invesco Capital Management LLC filings, the company currently owns 5,180,026 shares, which is about 4.88% of the total FTCI shares outstanding. The investor’s shares have appreciated by 601,342 from its previous 13-F filing of 4578684.0 shares. With the completion of the buy transaction, Hill City Capital LP’s stake is now worth $11,820,900. J. Goldman & Co. LP acquire a 37.01% interest valued at $10.36 million while BlackRock Fund Advisors purchased a 43,483 stake. A total of 2,806,229 shares of FTC Solar Inc. were bought by Handelsbanken Fonder AB during the quarter, and 308,084 were bought by The Vanguard Group, Inc. In its current portfolio, BG Fund Management Luxembourg SA holds 1,309,609 shares valued at $3.58 million.

In terms of FTC Solar Inc. share price expectations, FactSet research, analysts set an average price target of $4.69 in the next 12 months, up nearly 31.17% from the previous closing price of $3.24. Analysts anticipate FTC Solar Inc. stock to reach $9.00 by 2023, with the lowest price target being $3.00. In spite of this, 8 analysts ranked FTC Solar Inc. stock as a Buy at the end of 2023.


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