Shaker Sadasivam Purchases 33,290 Shares of FTC Solar (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam purchased 33,290 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The stock was bought at an average cost of $2.19 per share, with a total value of $72,905.10. Following the acquisition, the director owned 114,798 shares in the company, valued at $251,407.62. This represents a 40.84% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

FTC Solar Stock Up 4.9%

Shares of NASDAQ FTCI opened at $2.55 on Friday. The company’s 50-day simple moving average is $3.57 and its 200-day simple moving average is $4.70. FTC Solar, Inc. has a 52-week low of $1.99 and a 52-week high of $12.75. The firm has a market cap of $42.13 million, a price-to-earnings ratio of -0.41 and a beta of 1.87.

Institutional Investors Weigh In On FTC Solar

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in FTC Solar by 8.2% in the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock valued at $1,226,000 after acquiring an additional 8,518 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in FTC Solar during the fourth quarter worth $109,000. Hudson Bay Capital Management LP purchased a new stake in FTC Solar in the fourth quarter valued at $135,000. Jane Street Group LLC purchased a new stake in FTC Solar in the fourth quarter valued at $135,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of FTC Solar by 81.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after purchasing an additional 13,715 shares during the last quarter. Institutional investors and hedge funds own 45.36% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Roth Capital set a $7.00 target price on FTC Solar and gave the company a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a research note on Wednesday, June 24th. TD Cowen decreased their price objective on FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Finally, Wall Street Zen cut shares of FTC Solar from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $10.50.

About FTC Solar

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.