Tigo Energy, Inc. (NASDAQ:TYGO) Sees Significant Growth in Short Interest

by · The Markets Daily

Tigo Energy, Inc. (NASDAQ:TYGOGet Free Report) saw a significant increase in short interest in June. As of June 30th, there was short interest totaling 1,880,423 shares, an increase of 269.7% from the June 15th total of 508,685 shares. Currently, 3.4% of the company’s stock are short sold. Based on an average daily volume of 2,284,763 shares, the days-to-cover ratio is currently 0.8 days.

Insider Buying and Selling

In other news, Director Sagit Manor sold 63,500 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $2.85, for a total value of $180,975.00. Following the completion of the sale, the director owned 323,098 shares of the company’s stock, valued at $920,829.30. This represents a 16.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Tomer Babai sold 63,452 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $4.15, for a total value of $263,325.80. Following the completion of the sale, the director owned 214,450 shares of the company’s stock, valued at approximately $889,967.50. This trade represents a 22.83% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 463,444 shares of company stock worth $1,631,333 over the last three months. 26.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Tigo Energy

A number of hedge funds have recently made changes to their positions in TYGO. JPMorgan Chase & Co. bought a new stake in shares of Tigo Energy in the third quarter worth $31,000. Scientech Research LLC acquired a new position in Tigo Energy during the 3rd quarter worth $33,000. Virtu Financial LLC acquired a new position in Tigo Energy during the 3rd quarter worth $34,000. Centiva Capital LP acquired a new position in Tigo Energy during the 3rd quarter worth $59,000. Finally, Potomac Capital Management Inc. bought a new stake in shares of Tigo Energy in the 4th quarter worth about $38,000. Institutional investors and hedge funds own 15.72% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Tigo Energy from a “sell (e+)” rating to a “sell (d+)” rating in a research note on Monday, May 18th. Northland Securities set a $6.40 target price on shares of Tigo Energy in a research note on Thursday, May 7th. Roth Capital reaffirmed a “buy” rating and set a $7.00 price target on shares of Tigo Energy in a report on Wednesday, May 6th. Finally, Wall Street Zen downgraded shares of Tigo Energy from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Tigo Energy has an average rating of “Hold” and a consensus target price of $6.47.

Get Our Latest Report on Tigo Energy

Tigo Energy Price Performance

TYGO traded down $0.18 on Monday, reaching $1.88. The company’s stock had a trading volume of 1,305,582 shares, compared to its average volume of 873,164. The stock has a market cap of $142.71 million, a price-to-earnings ratio of 47.01 and a beta of 1.30. Tigo Energy has a 1 year low of $1.19 and a 1 year high of $5.33. The business’s 50 day moving average is $3.22 and its 200 day moving average is $3.32.

Tigo Energy (NASDAQ:TYGOGet Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). Tigo Energy had a negative return on equity of 41.48% and a net margin of 3.07%.The company had revenue of $25.20 million for the quarter, compared to the consensus estimate of $25.76 million. As a group, research analysts forecast that Tigo Energy will post 0.04 earnings per share for the current fiscal year.

Tigo Energy Company Profile

(Get Free Report)

Tigo Energy, Inc (NASDAQ: TYGO) is a U.S.-based provider of module-level power electronics (MLPE) solutions designed to optimize the performance and safety of solar photovoltaic systems. Founded in 2007 and headquartered in Campbell, California, Tigo Energy develops hardware and software tools that enhance energy yield, improve system reliability, and streamline compliance with electrical codes. The company’s technology platform is used by solar installers, project developers, and module manufacturers to deliver higher returns on investment and bolster the safety profile of PV arrays.

At the core of Tigo’s offerings is its TS4 platform, a modular MLPE solution that enables real-time monitoring, rapid shutdown functionality, and maximum power point tracking at the panel level.

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