FTC Solar (NASDAQ:FTCI) Director Shaker Sadasivam Buys 39,583 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam purchased 39,583 shares of the stock in a transaction dated Thursday, August 27th. The stock was acquired at an average cost of $2.35 per share, for a total transaction of $93,020.05. Following the transaction, the director owned 154,381 shares of the company’s stock, valued at approximately $362,795.35. This trade represents a 34.48% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Shaker Sadasivam also recently made the following trade(s):

• On Wednesday, August 26th, Shaker Sadasivam acquired 33,290 shares of FTC Solar stock. The stock was acquired at an average cost of $2.19 per share, with a total value of $72,905.10.

FTC Solar Trading Down 7.8%

FTC Solar stock opened at $2.35 on Tuesday. The firm has a 50 day simple moving average of $3.51 and a 200 day simple moving average of $4.61. FTC Solar, Inc. has a 1-year low of $1.99 and a 1-year high of $12.75. The firm has a market capitalization of $38.82 million, a price-to-earnings ratio of -0.38 and a beta of 1.87.

Analysts Set New Price Targets

A number of analysts recently issued reports on FTCI shares. Wall Street Zen cut FTC Solar from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Roth Capital set a $7.00 price target on FTC Solar and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, TD Cowen lowered their price target on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $10.50.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Walleye Capital LLC purchased a new stake in shares of FTC Solar in the fourth quarter worth $1,482,000. Electron Capital Partners LLC purchased a new position in FTC Solar during the fourth quarter worth about $979,000. Informed Momentum Co LLC bought a new position in FTC Solar in the 4th quarter worth about $836,000. Marshall Wace LLP purchased a new stake in shares of FTC Solar in the 4th quarter valued at about $762,000. Finally, Captrust Financial Advisors purchased a new stake in shares of FTC Solar in the 4th quarter valued at about $745,000. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

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.