Analysts Set FTC Solar, Inc. (NASDAQ:FTCI) Price Target at $13.25

FTC Solar, Inc. (NASDAQ:FTCI) has received a consensus rating of “Hold” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. One 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 target among brokerages that have issued ratings on the stock in the last year is $13.25.

A number of research firms have commented on FTCI. HC Wainwright reiterated a “buy” rating and set a $20.00 price objective (up from $5.00) on shares of FTC Solar in a research note on Wednesday, January 7th. TD Cowen dropped their target price on shares of FTC Solar from $12.50 to $8.00 and set a “buy” rating on the stock in a report on Friday, March 6th. Wall Street Zen cut shares of FTC Solar from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a report on Friday, March 27th.

FTC Solar Price Performance

NASDAQ FTCI opened at $4.48 on Friday. FTC Solar has a 12 month low of $2.49 and a 12 month high of $12.75. The company has a market capitalization of $69.84 million, a price-to-earnings ratio of -0.80 and a beta of 1.68. The company’s fifty day moving average price is $5.86 and its two-hundred day moving average price is $8.39.

Institutional Trading of FTC Solar

Large investors have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV acquired a new stake in shares of FTC Solar in the 4th quarter worth about $109,000. Hudson Bay Capital Management LP acquired a new stake in shares of FTC Solar in the 4th quarter worth about $135,000. Jane Street Group LLC acquired a new stake in shares of FTC Solar in the 4th quarter worth about $135,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of FTC Solar in the 4th quarter worth about $296,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of FTC Solar in the 4th quarter worth about $314,000. Institutional investors and hedge funds own 45.36% of the company’s stock.

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.