FTC Solar, Inc. (NASDAQ:FTCI) Given Consensus Rating of “Hold” by Brokerages

FTC Solar, Inc. (NASDAQ:FTCI) has been assigned an average rating of “Hold” from the six research firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $10.50.

Several brokerages have commented on FTCI. Wall Street Zen downgraded FTC Solar from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Roth Capital set a $7.00 price target on shares of FTC Solar and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th.

FTC Solar Stock Performance

Shares of FTCI stock opened at $2.11 on Wednesday. FTC Solar has a fifty-two week low of $1.99 and a fifty-two week high of $12.75. The stock’s fifty day moving average price is $2.94 and its two-hundred day moving average price is $4.12. The company has a market cap of $34.86 million, a PE ratio of -0.34 and a beta of 1.84.

Insider Buying and Selling

In related news, Director Shaker Sadasivam bought 101,083 shares of the firm’s stock in a transaction on Friday, August 28th. The shares were purchased at an average price of $2.69 per share, with a total value of $271,913.27. Following the completion of the purchase, the director owned 255,464 shares in the company, valued at $687,198.16. This represents a 65.48% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Anthony Carroll bought 24,745 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were bought at an average cost of $2.08 per share, for a total transaction of $51,469.60. Following the purchase, the chief executive officer owned 666,200 shares of the company’s stock, valued at approximately $1,385,696. The trade was a 3.86% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 198,701 shares of company stock worth $489,308 in the last 90 days. Company insiders own 21.00% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

Several large investors have recently bought and sold shares of the company. 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 purchasing an additional 59,800 shares during the last quarter. Laurel Oak Wealth Management LLC bought a new stake in FTC Solar during the 1st quarter worth approximately $60,000. Electron Capital Partners LLC bought a new stake in FTC Solar during the 4th quarter worth approximately $979,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in FTC Solar in the 4th quarter valued at approximately $296,000. 45.36% of the stock is currently owned by 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.