FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Rating of “Hold” from Analysts

FTC Solar, Inc. (NASDAQ:FTCI) has received a consensus rating of “Hold” from the six analysts that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $13.25.

A number of brokerages recently issued reports on FTCI. TD Cowen cut their price objective on FTC Solar from $12.50 to $8.00 and set a “buy” rating for the company in a research report on Friday, March 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, December 29th. UBS Group reiterated a “neutral” rating and set a $10.00 price target (up from $5.50) on shares of FTC Solar in a research report on Tuesday, December 2nd. Finally, HC Wainwright reissued a “buy” rating and issued a $20.00 price target (up from $5.00) on shares of FTC Solar in a research note on Wednesday, January 7th.

Insider Activity at FTC Solar

In related news, COO Sasan Aminpour sold 3,239 shares of FTC Solar stock in a transaction that occurred on Tuesday, December 30th. The shares were sold at an average price of $10.93, for a total value of $35,402.27. Following the completion of the sale, the chief operating officer owned 269,734 shares in the company, valued at approximately $2,948,192.62. This trade represents a 1.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Yann Brandt sold 37,775 shares of the business’s stock in a transaction that occurred on Tuesday, December 30th. The shares were sold at an average price of $10.84, for a total value of $409,481.00. Following the completion of the sale, the chief executive officer directly owned 776,425 shares in the company, valued at approximately $8,416,447. The trade was a 4.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 42,660 shares of company stock valued at $462,874 in the last quarter. 21.00% of the stock is owned by insiders.

Institutional Investors Weigh In On FTC Solar

Institutional investors and hedge funds have recently modified their holdings of the company. Jane Street Group LLC acquired a new position in FTC Solar during the 2nd quarter worth about $79,000. Goldman Sachs Group Inc. grew its position in FTC Solar by 81.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after acquiring an additional 13,715 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in FTC Solar in the 4th quarter valued at about $109,000. Hudson Bay Capital Management LP purchased a new stake in FTC Solar during the fourth quarter worth about $135,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in FTC Solar during the fourth quarter worth about $296,000. Hedge funds and other institutional investors own 45.36% of the company’s stock.

FTC Solar Price Performance

FTCI stock opened at $4.71 on Wednesday. The business has a fifty day moving average of $8.30 and a two-hundred day moving average of $8.79. The company has a quick ratio of 1.53, a current ratio of 1.66 and a debt-to-equity ratio of 1.20. The stock has a market cap of $70.37 million, a price-to-earnings ratio of -0.84 and a beta of 1.48. FTC Solar has a 52-week low of $2.13 and a 52-week high of $12.75.

About FTC Solar

FTC Solar, Inc (NASDAQ:FTCI) specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants. The company’s tracker solutions are engineered to follow the sun’s path and optimize energy capture, helping customers maximize the performance of their solar assets. In addition to its core mechanical tracker products, FTC Solar offers advanced supervisory control and data acquisition (SCADA) software that enables remote monitoring, predictive maintenance and performance analytics.

Headquartered in Austin, Texas, FTC Solar supports large-scale solar projects across multiple regions, including North America, Latin America, Europe and the Middle East.