FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Rating of “Hold” from Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been assigned an average recommendation of “Hold” from the six analysts that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $12.50.

Several equities analysts have commented on FTCI shares. TD Cowen lowered their price target on FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen downgraded FTC Solar from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a report on Friday, March 27th.

FTC Solar Price Performance

FTC Solar stock opened at $5.50 on Monday. The company has a market capitalization of $88 million, a price-to-earnings ratio of -0.96 and a beta of 1.81. FTC Solar has a one year low of $3.20 and a one year high of $12.75. The company’s fifty day moving average price is $4.43 and its two-hundred day moving average price is $7.69.

FTC Solar (NASDAQ:FTCI) last posted its earnings results on Tuesday, May 5th. The company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.26). The business had revenue of $17.27 million for the quarter, compared to analyst estimates of $24.26 million. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 42.12%. As a group, sell-side analysts anticipate that FTC Solar will post -1.56 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Shaker Sadasivam purchased 27,025 shares of the stock in a transaction on Wednesday, May 6th. The shares were bought at an average price of $3.70 per share, for a total transaction of $99,992.50. Following the completion of the acquisition, the director directly owned 81,508 shares in the company, valued at approximately $301,579.60. This trade represents a 49.60% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased a total of 36,775 shares of company stock worth $134,810 in the last 90 days. Company insiders own 21.00% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

Hedge funds and other institutional investors have recently made changes to their positions in the business. Laurel Oak Wealth Management LLC acquired a new stake in shares of FTC Solar in the first quarter valued at about $60,000. Jane Street Group LLC acquired a new stake in shares of FTC Solar in the second quarter valued at about $79,000. Goldman Sachs Group Inc. grew its position 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 valued at $88,000 after purchasing an additional 13,715 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of FTC Solar in the fourth quarter valued at about $109,000. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of FTC Solar in the fourth quarter valued at about $135,000. 45.36% of the stock is owned by institutional investors and hedge funds.

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.