FTC Solar, Inc. (NASDAQ:FTCI) Receives $12.50 Consensus Target Price from Analysts

FTC Solar, Inc. (NASDAQ:FTCI) has been given an average rating of “Hold” by the six ratings firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $12.50.

A number of brokerages have issued reports on FTCI. TD Cowen cut their price target 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a research note on Wednesday, June 24th. Finally, Wall Street Zen raised shares of FTC Solar from a “sell” rating to a “hold” rating in a report on Saturday, June 20th.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in FTC Solar by 8.2% in 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 during the period. Mercer Global Advisors Inc. ADV acquired a new stake in shares of FTC Solar during the 4th quarter worth approximately $109,000. Hudson Bay Capital Management LP purchased a new position in shares of FTC Solar during the 4th quarter valued at approximately $135,000. Jane Street Group LLC purchased a new position in shares of FTC Solar during the 4th quarter valued at approximately $135,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of 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 purchasing an additional 13,715 shares during the period. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

FTC Solar Trading Down 14.5%

Shares of FTCI stock opened at $2.96 on Tuesday. FTC Solar has a 12-month low of $2.94 and a 12-month high of $12.75. The business’s fifty day simple moving average is $4.75 and its 200-day simple moving average is $6.23. The company has a market cap of $47.36 million, a PE ratio of -0.52 and a beta of 1.80.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.26). The firm had revenue of $17.27 million during the quarter, compared to analysts’ expectations of $24.26 million. On average, equities analysts forecast that FTC Solar will post -1.61 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.