FTC Solar, Inc. (NASDAQ:FTCI) Given Consensus Rating of “Hold” by Analysts

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been given a consensus recommendation of “Hold” by the six brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $10.50.

Several research firms have issued reports on FTCI. Wall Street Zen downgraded FTC Solar from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Finally, Roth Capital set a $7.00 target price on shares of FTC Solar and gave the stock a “buy” rating in a research report on Wednesday, August 12th.

FTC Solar Stock Down 4.7%

Shares of FTC Solar stock opened at $2.41 on Wednesday. FTC Solar has a 12-month low of $1.99 and a 12-month high of $12.75. The firm has a market capitalization of $39.82 million, a PE ratio of -0.39 and a beta of 1.84. The stock’s fifty day moving average is $3.21 and its 200-day moving average is $4.32.

Insider Buying and Selling

In other FTC Solar news, CEO Anthony Carroll bought 24,745 shares of FTC Solar stock in a transaction dated Tuesday, August 25th. The stock was bought at an average price of $2.08 per share, for a total transaction of $51,469.60. Following the completion of the acquisition, the chief executive officer directly owned 666,200 shares of the company’s stock, valued at approximately $1,385,696. This trade represents a 3.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Shaker Sadasivam bought 101,083 shares of FTC Solar stock in a transaction dated Friday, August 28th. The stock was acquired at an average price of $2.69 per share, with a total value of $271,913.27. Following the acquisition, the director directly owned 255,464 shares of the company’s stock, valued at approximately $687,198.16. This represents a 65.48% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 198,701 shares of company stock valued at $489,308 in the last ninety days. Company insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FTCI. Geode Capital Management LLC raised its position in FTC Solar by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock valued at $1,226,000 after buying an additional 8,518 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in FTC Solar during the 4th quarter worth about $109,000. Hudson Bay Capital Management LP purchased a new position in FTC Solar during the 4th quarter valued at about $135,000. Jane Street Group LLC purchased a new position in FTC Solar during the 4th quarter valued at about $135,000. Finally, Goldman Sachs Group Inc. grew its stake in FTC Solar by 81.3% during 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. Hedge funds and other institutional investors own 45.36% of the company’s stock.

FTC Solar Company Profile

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.