FTC Solar, Inc. (FTCI) – What Are Brokerages Thinking About This Stock?

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have earned an average recommendation of “Moderate Buy” from the six research firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $8.90.

A number of equities analysts recently issued reports on the stock. Roth Capital set a $7.00 target price on shares of FTC Solar and gave the stock a “buy” rating in a research report on Wednesday, August 12th. UBS Group raised shares of FTC Solar from a “neutral” rating to a “buy” rating and upped their price objective for the company from $3.50 to $3.60 in a research report on Friday, September 18th. Zacks Research upgraded shares of FTC Solar to a “hold” rating in a research note on Friday, October 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, September 21st. Finally, Wall Street Zen lowered FTC Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 3rd.

Insider Activity

In other news, CEO Anthony Carroll bought 24,745 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was bought at an average price of $2.08 per share, for a total transaction of $51,469.60. Following the completion of 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Shaker Sadasivam purchased 101,083 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were acquired at an average price of $2.69 per share, for a total transaction of $271,913.27. Following the completion of the transaction, the director owned 255,464 shares in the company, valued at $687,198.16. The trade was a 65.48% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 198,701 shares of company stock valued at $489,308 in the last three months. Company insiders own 19.20% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

An institutional investor recently raised its position in FTC Solar stock. Renaissance Technologies LLC increased its stake in shares of FTC Solar, Inc. (NASDAQ:FTCI) by 178.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,400 shares of the company’s stock after purchasing an additional 59,800 shares during the quarter. Renaissance Technologies LLC owned about 0.58% of FTC Solar worth $353,000 at the end of the most recent quarter. 45.36% of the stock is owned by institutional investors and hedge funds.

FTC Solar Stock Up 0.8%

Shares of NASDAQ FTCI opened at $1.33 on Thursday. The business’s 50 day moving average is $2.08 and its two-hundred day moving average is $4.76. The company has a market cap of $24.30 million, a P/E ratio of -0.21 and a beta of 1.76. FTC Solar has a 12 month low of $1.27 and a 12 month high of $12.75.

About FTC Solar

FTC Solar, Inc (NASDAQ: FTCI) provides solar tracker systems, software, and engineering services for utility-scale photovoltaic projects. Its technology is designed to help solar panels follow the sun throughout the day, increasing energy production and supporting more efficient project development and operation.

The company’s offerings include single-axis tracker systems, proprietary tracker-control and optimization software, and related engineering, technical, and installation support.