Raymond James Financial Services Advisors Inc. Cuts Stock Position in FTC Solar, Inc. (NASDAQ:FTCI)

Raymond James Financial Services Advisors Inc. trimmed its position in shares of FTC Solar, Inc. (NASDAQ:FTCI) by 31.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,194 shares of the company’s stock after selling 39,665 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in FTC Solar were worth $61,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Electron Capital Partners LLC lifted its holdings in shares of FTC Solar by 109.1% in the 3rd quarter. Electron Capital Partners LLC now owns 4,298,357 shares of the company’s stock worth $5,502,000 after acquiring an additional 2,242,410 shares during the last quarter. Rock Point Advisors LLC lifted its stake in shares of FTC Solar by 39.8% in the 3rd quarter. Rock Point Advisors LLC now owns 1,679,150 shares of the company’s stock valued at $2,149,000 after acquiring an additional 478,265 shares during the last quarter. Maven Securities LTD purchased a new stake in FTC Solar during the 3rd quarter valued at about $960,000. Ardsley Advisory Partners LP purchased a new position in FTC Solar in the 3rd quarter worth approximately $800,000. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of FTC Solar during the third quarter valued at approximately $756,000. Hedge funds and other institutional investors own 45.36% of the company’s stock.

Insider Activity

In other news, Director Ahmad R. Chatila acquired 101,800 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were bought at an average cost of $0.49 per share, with a total value of $49,882.00. Following the transaction, the director now owns 684,958 shares of the company’s stock, valued at approximately $335,629.42. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Ahmad R. Chatila bought 101,800 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were bought at an average price of $0.49 per share, for a total transaction of $49,882.00. Following the completion of the acquisition, the director now owns 684,958 shares of the company’s stock, valued at approximately $335,629.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick Cook sold 48,911 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $0.53, for a total transaction of $25,922.83. Following the sale, the insider now owns 1,245,205 shares of the company’s stock, valued at $659,958.65. The disclosure for this sale can be found here. Insiders purchased 384,300 shares of company stock worth $200,436 over the last three months. 29.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Roth Mkm restated a “neutral” rating and issued a $0.45 price objective (down previously from $2.00) on shares of FTC Solar in a research report on Thursday, March 14th. Roth Capital downgraded FTC Solar from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. Finally, HC Wainwright dropped their price objective on FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a report on Thursday, March 14th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $1.49.

FTC Solar Stock Performance

FTCI stock opened at $0.43 on Friday. The firm has a 50 day moving average price of $0.49 and a 200-day moving average price of $0.67. FTC Solar, Inc. has a 52-week low of $0.28 and a 52-week high of $3.87. The firm has a market capitalization of $53.62 million, a price-to-earnings ratio of -1.00 and a beta of 1.62.

FTC Solar (NASDAQ:FTCI) last announced its quarterly earnings data on Wednesday, March 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. The business had revenue of $23.20 million during the quarter, compared to analysts’ expectations of $22.80 million. During the same quarter in the previous year, the business earned ($0.16) earnings per share. As a group, sell-side analysts forecast that FTC Solar, Inc. will post -0.26 earnings per share for the current fiscal year.

FTC Solar Company Profile

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.