FTC Solar (NASDAQ:FTCI) Director Shaker Sadasivam Buys 27,025 Shares

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam purchased 27,025 shares of FTC Solar stock in a transaction dated Wednesday, May 6th. The stock was acquired at an average price of $3.70 per share, for a total transaction of $99,992.50. Following the completion of the transaction, the director owned 81,508 shares in the company, valued at approximately $301,579.60. The trade was a 49.60% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

FTC Solar Stock Up 6.7%

Shares of NASDAQ:FTCI opened at $4.27 on Friday. The company has a market cap of $68.32 million, a PE ratio of -0.74 and a beta of 1.81. FTC Solar, Inc. has a fifty-two week low of $2.97 and a fifty-two week high of $12.75. The firm has a 50-day simple moving average of $4.74 and a 200 day simple moving average of $8.10.

FTC Solar (NASDAQ:FTCI) last issued its earnings results on Tuesday, May 5th. The company reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.26). The company had revenue of $17.27 million during the quarter, compared to analyst estimates of $24.26 million. FTC Solar had a negative net margin of 42.12% and a negative return on equity of 549.96%. As a group, research analysts forecast that FTC Solar, Inc. will post -1.09 EPS for the current fiscal year.

Institutional Investors Weigh In On FTC Solar

A number of institutional investors have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV acquired a new position in shares of FTC Solar in the 4th quarter valued at about $109,000. Hudson Bay Capital Management LP acquired a new stake in shares of FTC Solar during the fourth quarter worth approximately $135,000. Jane Street Group LLC purchased a new position in FTC Solar during the fourth quarter valued at approximately $135,000. Laurel Oak Wealth Management LLC acquired a new position in FTC Solar in the 1st quarter valued at approximately $60,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in FTC Solar in the 4th quarter valued at approximately $296,000. 45.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FTCI has been the topic of a number of recent research reports. Wall Street Zen cut FTC Solar from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. TD Cowen lowered their price objective on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a research report on Friday, March 27th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, FTC Solar has an average rating of “Hold” and an average target price of $12.50.

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.