TD Cowen Increases FTC Solar (NASDAQ:FTCI) Price Target to $12.50

FTC Solar (NASDAQ:FTCI) had its price objective increased by equities research analysts at TD Cowen from $8.00 to $12.50 in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm presently has a “buy” rating on the stock. TD Cowen’s target price indicates a potential upside of 19.85% from the company’s current price.

FTCI has been the subject of several other reports. UBS Group restated a “neutral” rating and set a $5.50 price target (up from $3.80) on shares of FTC Solar in a report on Monday, August 18th. Zacks Research lowered shares of FTC Solar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 21st. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of FTC Solar in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, FTC Solar currently has an average rating of “Hold” and an average price target of $5.90.

FTC Solar Price Performance

FTCI stock opened at $10.43 on Thursday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.04 and a current ratio of 1.66. The firm has a 50 day moving average price of $7.98 and a 200-day moving average price of $5.89. FTC Solar has a 52-week low of $2.13 and a 52-week high of $11.45. The firm has a market capitalization of $155.82 million, a price-to-earnings ratio of -2.41 and a beta of 1.46.

Institutional Investors Weigh In On FTC Solar

A number of institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its holdings in shares of FTC Solar by 81.3% in the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after buying an additional 13,715 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of FTC Solar in the second quarter worth about $79,000. Finally, Vanguard Group Inc. boosted its position in shares of FTC Solar by 18.4% during the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after acquiring an additional 53,391 shares during the last quarter. 45.36% of the stock is owned by hedge funds and other institutional investors.

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.