Brokerages Set FTC Solar, Inc. (NASDAQ:FTCI) Price Target at $1.49

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have earned an average rating of “Hold” from the seven analysts that are currently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $1.49.

Several brokerages have issued reports on FTCI. Roth Mkm reissued a “neutral” rating and issued a $0.45 price objective (down previously from $2.00) on shares of FTC Solar in a research note on Thursday, March 14th. Roth Capital lowered FTC Solar from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. Finally, HC Wainwright cut their price objective on FTC Solar from $2.50 to $1.50 and set a “buy” rating on the stock in a research report on Thursday, March 14th.

Insider Buying and Selling at FTC Solar

In other news, Director Ahmad R. Chatila purchased 101,800 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were acquired at an average price of $0.49 per share, with a total value of $49,882.00. Following the transaction, the director now owns 684,958 shares of the company’s stock, valued at $335,629.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other FTC Solar news, Director Ahmad R. Chatila purchased 101,800 shares of the stock in a transaction dated Monday, March 18th. The stock was purchased at an average price of $0.49 per share, with a total value of $49,882.00. Following the transaction, the director now owns 684,958 shares of the company’s stock, valued at $335,629.42. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Patrick Cook sold 48,911 shares of FTC Solar stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $0.53, for a total transaction of $25,922.83. Following the transaction, the insider now directly owns 1,245,205 shares in the company, valued at $659,958.65. The disclosure for this sale can be found here. Insiders bought a total of 384,300 shares of company stock valued at $200,436 in the last ninety days. Corporate insiders own 29.70% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

A number of hedge funds have recently made changes to their positions in the stock. Connors Investor Services Inc. purchased a new stake in shares of FTC Solar during the third quarter valued at about $64,000. SG Americas Securities LLC purchased a new stake in FTC Solar during the fourth quarter valued at approximately $35,000. Fifth Lane Capital LP boosted its stake in FTC Solar by 200.0% in the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock valued at $40,000 after acquiring an additional 50,000 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in FTC Solar by 165.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 127,859 shares of the company’s stock worth $164,000 after purchasing an additional 79,695 shares during the last quarter. Finally, Graham Capital Management L.P. increased its position in shares of FTC Solar by 225.7% during the third quarter. Graham Capital Management L.P. now owns 217,061 shares of the company’s stock worth $278,000 after purchasing an additional 150,407 shares in the last quarter. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

FTC Solar Price Performance

Shares of FTCI stock opened at $0.53 on Thursday. The company has a market cap of $67.27 million, a PE ratio of -1.24 and a beta of 1.62. The stock’s 50 day simple moving average is $0.49 and its two-hundred day simple moving average is $0.62. FTC Solar has a 1 year low of $0.28 and a 1 year high of $3.87.

FTC Solar (NASDAQ:FTCI) last issued its quarterly earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. The company had revenue of $23.20 million during the quarter, compared to the consensus estimate of $22.80 million. During the same period last year, the company earned ($0.16) earnings per share. Equities research analysts expect that FTC Solar will post -0.26 EPS for the current year.

FTC Solar Company Profile

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.