FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Rating of “Moderate Buy” from Analysts

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have earned a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $1.04.

FTCI has been the topic of several recent analyst reports. UBS Group reduced their price target on FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a report on Friday, August 9th. TD Cowen decreased their target price on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research report on Friday, August 9th.

Insider Buying and Selling at FTC Solar

In other FTC Solar news, Director Ahmad R. Chatila acquired 212,800 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average cost of $0.23 per share, with a total value of $48,944.00. Following the completion of the purchase, the director now directly owns 1,403,046 shares in the company, valued at $322,700.58. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other FTC Solar news, Director Ahmad R. Chatila acquired 212,800 shares of FTC Solar stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average price of $0.23 per share, with a total value of $48,944.00. Following the completion of the purchase, the director now directly owns 1,403,046 shares of the company’s stock, valued at approximately $322,700.58. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cortes Isidoro Alfonso Quiroga bought 200,000 shares of the stock in a transaction on Friday, August 16th. The shares were bought at an average price of $0.25 per share, with a total value of $50,000.00. Following the acquisition, the director now owns 2,251,740 shares of the company’s stock, valued at $562,935. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 1,282,137 shares of company stock valued at $304,558 in the last ninety days. Corporate insiders own 23.10% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

A number of large investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in FTC Solar in the second quarter worth $42,000. Mercer Global Advisors Inc. ADV boosted its position in shares of FTC Solar by 527.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after purchasing an additional 83,334 shares in the last quarter. TTP Investments Inc. purchased a new position in FTC Solar during the 1st quarter worth $80,000. GSA Capital Partners LLP increased its position in FTC Solar by 162.2% during the 1st quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after buying an additional 1,189,960 shares in the last quarter. Finally, Fifth Lane Capital LP increased its position in FTC Solar by 200.0% during the 1st quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock valued at $40,000 after buying an additional 50,000 shares in the last quarter. 45.36% of the stock is currently owned by institutional investors.

FTC Solar Stock Up 3.6 %

Shares of FTCI opened at $0.66 on Thursday. The business has a fifty day moving average of $0.41 and a 200 day moving average of $0.42. The company has a market cap of $82.38 million, a PE ratio of -1.68 and a beta of 1.76. FTC Solar has a 52-week low of $0.18 and a 52-week high of $1.36.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. The firm had revenue of $11.43 million during the quarter, compared to analysts’ expectations of $13.09 million. As a group, research analysts anticipate that FTC Solar will post -0.3 earnings per share for the current fiscal year.

About FTC Solar

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.