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

FTC Solar, Inc. (NASDAQ:FTCI) CEO Anthony Carroll acquired 7,250 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average price of $3.43 per share, for a total transaction of $24,867.50. Following the completion of the transaction, the chief executive officer owned 641,455 shares in the company, valued at $2,200,190.65. The trade was a 1.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link.

FTC Solar Stock Performance

Shares of FTC Solar stock opened at $4.18 on Thursday. The company has a market cap of $65.17 million, a P/E ratio of -0.73 and a beta of 1.81. FTC Solar, Inc. has a one year low of $2.97 and a one year high of $12.75. The firm has a fifty day moving average of $4.81 and a two-hundred day moving average of $8.13.

FTC Solar (NASDAQ:FTCI) last issued its earnings results on Tuesday, May 5th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $17.27 million during the quarter, compared to analysts’ expectations of $24.26 million. As a group, equities analysts predict that FTC Solar, Inc. will post -1.09 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on FTCI. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a report on Friday, March 27th. TD Cowen reduced their target price on FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a report on Wednesday. HC Wainwright restated a “buy” rating and set a $20.00 target price (up from $5.00) on shares of FTC Solar in a research report on Wednesday, January 7th. Finally, Wall Street Zen cut shares of FTC Solar from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.50.

Institutional Investors Weigh In On FTC Solar

Several institutional investors have recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in shares of FTC Solar by 8.2% in the 4th quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock worth $1,226,000 after acquiring an additional 8,518 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in FTC Solar during the fourth quarter worth $109,000. Hudson Bay Capital Management LP acquired a new position in FTC Solar during the fourth quarter worth $135,000. Jane Street Group LLC purchased a new stake in FTC Solar during the fourth quarter worth $135,000. Finally, Goldman Sachs Group Inc. boosted its position in FTC Solar by 81.3% during the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after purchasing an additional 13,715 shares in the last quarter. Hedge funds and other 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.