FTC Solar (NASDAQ:FTCI) Trading Down 0.8% – What’s Next?

Shares of FTC Solar, Inc. (NASDAQ:FTCI) fell 0.8% during trading on Friday . The company traded as low as $11.06 and last traded at $11.41. 59,630 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 75,671 shares. The stock had previously closed at $11.50.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Zacks Research raised shares of FTC Solar from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. HC Wainwright reissued a “buy” rating and issued a $20.00 price objective (up from $5.00) on shares of FTC Solar in a research note on Wednesday, January 7th. UBS Group restated a “neutral” rating and set a $10.00 price objective (up from $5.50) on shares of FTC Solar in a research report on Tuesday, December 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a research note on Monday, December 29th. Finally, Roth Mkm set a $15.00 target price on FTC Solar in a report on Monday, November 17th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $14.38.

FTC Solar Price Performance

The company has a debt-to-equity ratio of 1.20, a current ratio of 1.66 and a quick ratio of 1.53. The stock has a market cap of $170.47 million, a price-to-earnings ratio of -2.64 and a beta of 1.43. The business’s 50-day simple moving average is $10.55 and its two-hundred day simple moving average is $8.14.

FTC Solar (NASDAQ:FTCI) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.14. FTC Solar had a negative net margin of 69.25% and a negative return on equity of 549.96%. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $21.12 million. Research analysts expect that FTC Solar, Inc. will post -3.98 earnings per share for the current year.

Insider Transactions at FTC Solar

In other news, CEO Yann Brandt sold 37,775 shares of FTC Solar stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $10.84, for a total transaction of $409,481.00. Following the sale, the chief executive officer directly owned 776,425 shares of the company’s stock, valued at approximately $8,416,447. This trade represents a 4.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Springer sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $8.98, for a total value of $898,000.00. Following the completion of the transaction, the director directly owned 689,222 shares of the company’s stock, valued at $6,189,213.56. This represents a 12.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 142,660 shares of company stock valued at $1,360,874 over the last three months. Company insiders own 21.00% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

Several large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. increased its holdings in FTC Solar by 81.3% in the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after purchasing an additional 13,715 shares during the period. Jane Street Group LLC acquired a new stake in shares of FTC Solar in the second quarter valued at about $79,000. Finally, Vanguard Group Inc. lifted its stake in shares of FTC Solar by 18.4% in the third quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock worth $2,417,000 after acquiring an additional 53,391 shares during the period. 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.