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

FTC Solar, Inc. (NASDAQ:FTCI) has been assigned a consensus recommendation of “Hold” from the six research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $12.50.

FTCI has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a research note on Friday, March 27th. TD Cowen dropped their price target on FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Finally, Wall Street Zen downgraded FTC Solar from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th.

FTC Solar Stock Performance

Shares of NASDAQ:FTCI opened at $4.75 on Monday. The stock has a 50 day moving average of $4.50 and a 200 day moving average of $7.53. The company has a market cap of $76 million, a PE ratio of -0.83 and a beta of 1.81. FTC Solar has a 12-month low of $3.20 and a 12-month high of $12.75.

FTC Solar (NASDAQ:FTCI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.26). FTC Solar had a negative net margin of 42.12% and a negative return on equity of 549.96%. The company had revenue of $17.27 million for the quarter, compared to the consensus estimate of $24.26 million. Equities research analysts predict that FTC Solar will post -1.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other FTC Solar news, Director Shaker Sadasivam purchased 27,025 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $3.70 per share, for a total transaction of $99,992.50. Following the purchase, the director directly owned 81,508 shares of the company’s stock, valued at $301,579.60. This trade represents a 49.60% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders purchased 36,775 shares of company stock valued at $134,810. Corporate insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted its stake in FTC Solar by 178.0% in the 1st 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 period. Laurel Oak Wealth Management LLC purchased a new stake in shares of FTC Solar during the 1st quarter worth approximately $60,000. Mercer Global Advisors Inc. ADV purchased a new stake in shares of FTC Solar during the 4th quarter worth approximately $109,000. Quadrature Capital Ltd purchased a new stake in shares of FTC Solar during the 4th quarter worth approximately $419,000. Finally, Electron Capital Partners LLC purchased a new stake in shares of FTC Solar during the 4th quarter worth approximately $979,000. 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.