FTC Solar, Inc. (NASDAQ:FTCI) Given Average Recommendation of “Hold” by Brokerages

FTC Solar, Inc. (NASDAQ:FTCI) has been assigned an average recommendation of “Hold” from the six ratings firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $14.3750.

FTCI has been the subject of a number of analyst reports. UBS Group restated a “neutral” rating and issued a $10.00 price target (up from $5.50) on shares of FTC Solar in a research report on Tuesday, December 2nd. TD Cowen raised their target price on shares of FTC Solar from $8.00 to $12.50 and gave the stock a “buy” rating in a report on Thursday, November 13th. HC Wainwright reiterated a “buy” rating and set a $20.00 price target (up from $5.00) on shares of FTC Solar in a report on Wednesday, January 7th. Zacks Research raised shares of FTC Solar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Finally, Roth Mkm set a $15.00 price target on FTC Solar in a report on Monday, November 17th.

Insiders Place Their Bets

In other FTC Solar news, CEO Yann Brandt sold 37,775 shares of the stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $10.84, for a total value of $409,481.00. Following the sale, the chief executive officer owned 776,425 shares in the company, valued at $8,416,447. This trade represents a 4.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anthony Carroll bought 10,638 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The shares were acquired at an average price of $9.53 per share, with a total value of $101,380.14. Following the completion of the transaction, the director owned 24,205 shares of the company’s stock, valued at approximately $230,673.65. The trade was a 78.41% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have sold 142,660 shares of company stock worth $1,360,874. 21.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FTC Solar

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of FTC Solar by 18.4% during 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. Goldman Sachs Group Inc. grew its stake in 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 purchasing an additional 13,715 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in FTC Solar during the 2nd quarter worth $79,000. 45.36% of the stock is owned by hedge funds and other institutional investors.

FTC Solar Stock Down 6.0%

Shares of NASDAQ:FTCI opened at $10.73 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.53 and a debt-to-equity ratio of 1.20. FTC Solar has a 12 month low of $2.13 and a 12 month high of $12.75. The company has a 50-day moving average price of $10.57 and a 200 day moving average price of $8.23. The company has a market cap of $160.31 million, a price-to-earnings ratio of -2.48 and a beta of 1.43.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.14. The business had revenue of $26.03 million during the quarter, compared to analyst estimates of $21.12 million. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 69.25%. As a group, equities research analysts predict that FTC Solar will post -3.98 earnings per share for the current year.

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.