FTC Solar (NASDAQ:FTCI) Shares Down 3.2% – Should You Sell?

FTC Solar, Inc. (NASDAQ:FTCI)’s share price fell 3.2% during mid-day trading on Tuesday . The stock traded as low as $9.02 and last traded at $9.19. 40,733 shares traded hands during trading, a decline of 46% from the average session volume of 74,794 shares. The stock had previously closed at $9.49.

Analyst Ratings Changes

FTCI has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a report on Monday, December 29th. Roth Mkm set a $15.00 price target on shares of FTC Solar in a research note on Monday, November 17th. HC Wainwright restated a “buy” rating and set a $20.00 price objective (up previously from $5.00) on shares of FTC Solar in a research report on Wednesday, January 7th. TD Cowen lifted their price target on shares of FTC Solar from $8.00 to $12.50 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Finally, Zacks Research upgraded FTC Solar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, FTC Solar presently has an average rating of “Hold” and an average target price of $14.38.

FTC Solar Price Performance

The company has a 50 day moving average price of $10.86 and a 200 day moving average price of $8.76. 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 firm has a market cap of $137.30 million, a PE ratio of -2.12 and a beta of 1.43.

Insider Activity at FTC Solar

In other FTC Solar news, COO Sasan Aminpour sold 3,239 shares of the firm’s stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $10.93, for a total value of $35,402.27. Following the completion of the sale, the chief operating officer owned 269,734 shares of the company’s stock, valued at approximately $2,948,192.62. This trade represents a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Yann Brandt sold 37,775 shares of the stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $10.84, for a total transaction of $409,481.00. Following the completion of the transaction, the chief executive officer owned 776,425 shares of the company’s stock, valued at $8,416,447. This represents a 4.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 42,660 shares of company stock worth $462,874 over the last 90 days. Company insiders own 21.00% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in FTC Solar by 18.4% in the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after purchasing an additional 53,391 shares in the last quarter. Walleye Capital LLC purchased a new stake in shares of FTC Solar in the 4th quarter worth about $1,482,000. Geode Capital Management LLC grew its stake in FTC Solar by 8.2% in the 4th quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock valued at $1,226,000 after acquiring an additional 8,518 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in FTC Solar by 29.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 81,798 shares of the company’s stock valued at $892,000 after acquiring an additional 18,607 shares in the last quarter. Finally, Informed Momentum Co LLC purchased a new position in shares of FTC Solar during the 4th quarter worth approximately $836,000. Hedge funds and other institutional investors own 45.36% of the company’s stock.

About FTC Solar

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.