FTC Solar, Inc. (NASDAQ:FTCI) Director Buys $49,980.00 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila acquired 238,000 shares of FTC Solar stock in a transaction on Friday, September 6th. The shares were bought at an average price of $0.21 per share, with a total value of $49,980.00. Following the completion of the transaction, the director now directly owns 1,951,046 shares of the company’s stock, valued at approximately $409,719.66. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

FTC Solar Stock Up 104.0 %

Shares of NASDAQ FTCI opened at $0.46 on Thursday. The firm has a 50-day simple moving average of $0.32 and a 200-day simple moving average of $0.42. The stock has a market capitalization of $57.68 million, a price-to-earnings ratio of -1.18 and a beta of 1.54. FTC Solar, Inc. has a 52 week low of $0.18 and a 52 week high of $1.69.

FTC Solar (NASDAQ:FTCI) last issued its earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $11.43 million during the quarter, compared to analysts’ expectations of $13.09 million. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. As a group, equities research analysts expect that FTC Solar, Inc. will post -0.32 EPS for the current year.

Institutional Investors Weigh In On FTC Solar

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Lane Capital LP increased its position in FTC Solar by 200.0% during the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after purchasing an additional 50,000 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in FTC Solar by 527.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after purchasing an additional 83,334 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in FTC Solar during the second quarter worth about $42,000. TTP Investments Inc. acquired a new stake in FTC Solar during the first quarter worth about $80,000. Finally, GSA Capital Partners LLP increased its position in FTC Solar by 162.2% during the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock worth $1,037,000 after purchasing an additional 1,189,960 shares during the last quarter. 45.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. TD Cowen reduced their price objective on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research report on Friday, August 9th. UBS Group reduced their price objective on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $1.11.

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.