FTC Solar (NASDAQ:FTCI) Downgraded to Sell Rating by Wall Street Zen

FTC Solar (NASDAQ:FTCI) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other equities research analysts have also commented on the stock. TD Cowen reduced their price objective on shares of FTC Solar from $12.50 to $8.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. UBS Group restated a “neutral” rating and issued a $10.00 target price (up from $5.50) on shares of FTC Solar in a report on Tuesday, December 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, December 29th. Finally, 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. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $13.25.

FTC Solar Stock Performance

NASDAQ:FTCI opened at $4.04 on Friday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.53 and a current ratio of 1.43. FTC Solar has a fifty-two week low of $2.13 and a fifty-two week high of $12.75. The company has a 50 day simple moving average of $7.84 and a two-hundred day simple moving average of $8.72. The company has a market capitalization of $62.98 million, a PE ratio of -0.72 and a beta of 1.48.

Insider Buying and Selling 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 shares were 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 directly owned 269,734 shares in the company, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Yann Brandt sold 37,775 shares of FTC Solar stock in a transaction on 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 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 42,660 shares of company stock valued at $462,874 in the last quarter. 21.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FTC Solar

A number of institutional investors and hedge funds have recently made changes to their positions in FTCI. Goldman Sachs Group Inc. increased its position in FTC Solar by 81.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after buying an additional 13,715 shares in the last quarter. Jane Street Group LLC bought a new position in FTC Solar in the second quarter worth approximately $79,000. Vanguard Group Inc. boosted its holdings in 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in FTC Solar in the fourth quarter valued at approximately $296,000. Finally, Geode Capital Management LLC increased its holdings in shares of FTC Solar by 8.2% during the fourth 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 in the last quarter. 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.