FTC Solar (NASDAQ:FTCI) CEO Buys $24,867.50 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) CEO Anthony Carroll bought 7,250 shares of the firm’s stock in a transaction on Wednesday, May 6th. The shares were bought at an average cost of $3.43 per share, with a total value of $24,867.50. Following the purchase, the chief executive officer directly owned 641,455 shares in the company, valued at approximately $2,200,190.65. This trade represents a 1.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

FTC Solar Stock Up 2.8%

Shares of NASDAQ:FTCI opened at $4.39 on Friday. The firm has a fifty day moving average of $4.74 and a two-hundred day moving average of $8.10. The firm has a market capitalization of $70.24 million, a P/E ratio of -0.76 and a beta of 1.81. FTC Solar, Inc. has a 12-month low of $3.20 and a 12-month high of $12.75.

FTC Solar (NASDAQ:FTCI) last issued its earnings results 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). The company had revenue of $17.27 million for the quarter, compared to analyst estimates of $24.26 million. FTC Solar had a negative net margin of 42.12% and a negative return on equity of 549.96%. Equities research analysts expect that FTC Solar, Inc. will post -1.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTCI has been the topic of a number of recent research reports. TD Cowen cut 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. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a report on Friday, March 27th. Finally, Wall Street Zen downgraded shares of FTC Solar from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FTCI. Walleye Capital LLC bought a new position in shares of FTC Solar during the 4th quarter valued at $1,482,000. Electron Capital Partners LLC bought a new position in shares of FTC Solar during the 4th quarter valued at $979,000. Informed Momentum Co LLC bought a new position in FTC Solar in the 4th quarter worth $836,000. Marshall Wace LLP bought a new position in FTC Solar in the 4th quarter worth $762,000. Finally, Captrust Financial Advisors bought a new position in FTC Solar in the 4th quarter worth $745,000. Institutional investors own 45.36% of the company’s stock.

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.