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

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have earned an average rating of “Hold” from the six brokerages that are presently covering the firm, MarketBeat reports. One 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 target price among brokerages that have issued a report on the stock in the last year is $12.50.

FTCI has been the topic of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research note on Friday, March 27th. TD Cowen decreased their target price on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Finally, Wall Street Zen raised shares of FTC Solar from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th.

Insider Transactions at FTC Solar

In other FTC Solar news, Director Shaker Sadasivam purchased 27,025 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were bought at an average cost of $3.70 per share, for a total transaction of $99,992.50. Following the completion of the purchase, the director directly owned 81,508 shares of the company’s stock, valued at approximately $301,579.60. This trade represents a 49.60% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders purchased a total of 36,775 shares of company stock valued at $134,810 over the last 90 days. 21.00% of the stock is owned by insiders.

Hedge Funds Weigh In On FTC Solar

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings 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 purchasing an additional 53,391 shares during the last quarter. Walleye Capital LLC purchased a new position in shares of FTC Solar during the fourth quarter worth about $1,482,000. Geode Capital Management LLC grew 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 worth $1,226,000 after buying an additional 8,518 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of FTC Solar by 178.0% during the first quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock worth $353,000 after buying an additional 59,800 shares during the last quarter. Finally, Electron Capital Partners LLC purchased a new position in FTC Solar in the 4th quarter valued at $979,000. Hedge funds and other institutional investors own 45.36% of the company’s stock.

FTC Solar Price Performance

Shares of NASDAQ:FTCI opened at $4.56 on Friday. FTC Solar has a 1 year low of $3.20 and a 1 year high of $12.75. The firm has a market capitalization of $72.96 million, a price-to-earnings ratio of -0.79 and a beta of 1.81. The business’s 50 day moving average price is $4.78 and its 200-day moving average price is $7.10.

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

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.