Analysts Set FTC Solar, Inc. (NASDAQ:FTCI) PT at $1.49

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been given a consensus rating of “Hold” by the seven ratings firms that are currently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $1.49.

A number of brokerages have weighed in on FTCI. HC Wainwright lowered their target price on FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a report on Thursday, March 14th. Roth Mkm reiterated a “neutral” rating and set a $0.45 target price (down previously from $2.00) on shares of FTC Solar in a research report on Thursday, March 14th. Finally, Roth Capital cut shares of FTC Solar from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th.

Insider Activity

In related news, Director Ahmad R. Chatila acquired 92,600 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were acquired at an average cost of $0.55 per share, for a total transaction of $50,930.00. Following the purchase, the director now owns 870,058 shares in the company, valued at $478,531.90. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other FTC Solar news, Director Ahmad R. Chatila bought 101,800 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were purchased at an average price of $0.49 per share, for a total transaction of $49,882.00. Following the purchase, the director now directly owns 684,958 shares of the company’s stock, valued at $335,629.42. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ahmad R. Chatila purchased 92,600 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were acquired at an average cost of $0.55 per share, with a total value of $50,930.00. Following the completion of the transaction, the director now directly owns 870,058 shares of the company’s stock, valued at approximately $478,531.90. The disclosure for this purchase can be found here. Insiders have purchased 384,300 shares of company stock worth $200,436 over the last 90 days. 29.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FTCI. Connors Investor Services Inc. bought a new stake in shares of FTC Solar during the 3rd quarter worth $64,000. SG Americas Securities LLC purchased a new stake in FTC Solar during the fourth quarter worth about $35,000. Fifth Lane Capital LP raised its position in FTC Solar by 200.0% in the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after acquiring an additional 50,000 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in FTC Solar by 165.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 127,859 shares of the company’s stock valued at $164,000 after acquiring an additional 79,695 shares during the last quarter. Finally, Graham Capital Management L.P. grew its position in shares of FTC Solar by 225.7% during the 3rd quarter. Graham Capital Management L.P. now owns 217,061 shares of the company’s stock valued at $278,000 after acquiring an additional 150,407 shares during the period. Hedge funds and other institutional investors own 45.36% of the company’s stock.

FTC Solar Stock Performance

NASDAQ:FTCI opened at $0.54 on Thursday. FTC Solar has a 52 week low of $0.28 and a 52 week high of $3.87. The firm’s fifty day moving average is $0.49 and its 200-day moving average is $0.63. The firm has a market cap of $68.39 million, a P/E ratio of -1.26 and a beta of 1.62.

FTC Solar (NASDAQ:FTCI) last issued its quarterly earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $23.20 million during the quarter, compared to the consensus estimate of $22.80 million. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. During the same period last year, the business posted ($0.16) EPS. As a group, sell-side analysts anticipate that FTC Solar will post -0.26 earnings per share for the current year.

FTC Solar Company Profile

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.