FTC Solar (NASDAQ:FTCI) Stock Rating Upgraded by Wall Street Zen

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

Several other equities research analysts have also commented on FTCI. TD Cowen dropped their price objective 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 reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research note on Friday, March 27th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $12.50.

FTC Solar Trading Up 0.1%

Shares of FTCI stock opened at $5.14 on Friday. FTC Solar has a 12 month low of $3.20 and a 12 month high of $12.75. The stock has a market cap of $82.32 million, a PE ratio of -0.90 and a beta of 1.81. The company’s fifty day moving average price is $4.68 and its 200-day moving average price is $7.24.

FTC Solar (NASDAQ:FTCI) last released its earnings results 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 business had revenue of $17.27 million during the quarter, compared to analysts’ expectations of $24.26 million. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 42.12%. On average, sell-side analysts forecast that FTC Solar will post -1.56 earnings per share for the current fiscal year.

Insider Activity at FTC Solar

In other FTC Solar news, Director Shaker Sadasivam acquired 27,025 shares of FTC Solar stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average cost of $3.70 per share, for a total transaction of $99,992.50. Following the acquisition, the director owned 81,508 shares of the company’s stock, valued at $301,579.60. This represents a 49.60% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders acquired 36,775 shares of company stock worth $134,810 over the last 90 days. Company insiders own 21.00% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of FTC Solar by 8.2% in the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock worth $1,226,000 after acquiring an additional 8,518 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in FTC Solar during the fourth quarter valued at $109,000. Hudson Bay Capital Management LP bought a new position in FTC Solar in the fourth quarter valued at about $135,000. Jane Street Group LLC bought a new position in FTC Solar in the fourth quarter valued at about $135,000. Finally, Goldman Sachs Group Inc. boosted its position in FTC Solar by 81.3% in the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after purchasing an additional 13,715 shares during 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.