Short Interest in Tigo Energy, Inc. (NASDAQ:TYGO) Grows By 269.7%

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

Tigo Energy Stock Performance

Tigo Energy stock opened at $1.88 on Tuesday. The stock has a market cap of $142.71 million, a PE ratio of 47.01 and a beta of 1.30. Tigo Energy has a one year low of $1.19 and a one year high of $5.33. The stock has a fifty day moving average of $3.22 and a 200 day moving average of $3.32.

Tigo Energy (NASDAQ:TYGO) last announced its earnings results on Tuesday, May 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). The business had revenue of $25.20 million for the quarter, compared to analysts’ expectations of $25.76 million. Tigo Energy had a negative return on equity of 41.48% and a net margin of 3.07%. As a group, sell-side analysts predict that Tigo Energy will post 0.04 EPS for the current fiscal year.

Insider Activity

In related news, Director Joan C. Conley sold 50,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $3.10, for a total value of $155,000.00. Following the completion of the sale, the director owned 227,902 shares of the company’s stock, valued at $706,496.20. This trade represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Tomer Babai sold 63,452 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $4.15, for a total transaction of $263,325.80. Following the completion of the sale, the director directly owned 214,450 shares of the company’s stock, valued at approximately $889,967.50. This represents a 22.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 463,444 shares of company stock valued at $1,631,333. 26.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tigo Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. bought a new stake in Tigo Energy during the third quarter valued at approximately $31,000. Scientech Research LLC purchased a new position in shares of Tigo Energy during the 3rd quarter worth $33,000. Virtu Financial LLC purchased a new position in shares of Tigo Energy during the 3rd quarter worth $34,000. NewEdge Advisors LLC grew its position in shares of Tigo Energy by 137.7% during the 3rd quarter. NewEdge Advisors LLC now owns 36,162 shares of the company’s stock valued at $90,000 after acquiring an additional 20,950 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Tigo Energy by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 335,716 shares of the company’s stock valued at $463,000 after acquiring an additional 21,211 shares during the period. Hedge funds and other institutional investors own 15.72% of the company’s stock.

Analysts Set New Price Targets

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

Tigo Energy Company Profile

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.