FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Recommendation of “Hold” from Analysts

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been given a consensus recommendation of “Hold” by the six ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $12.50.

A number of research firms have weighed in on FTCI. TD Cowen decreased their price objective on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research report on Wednesday, June 24th. Finally, Wall Street Zen upgraded FTC Solar from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th.

Insider Activity

In other FTC Solar news, Director Shaker Sadasivam bought 27,025 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were bought at an average cost of $3.70 per share, with a total value of $99,992.50. Following the transaction, the director directly owned 81,508 shares in the company, valued at approximately $301,579.60. This trade represents a 49.60% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders purchased 36,775 shares of company stock valued at $134,810. Corporate insiders own 21.00% of the company’s stock.

Institutional Trading of FTC Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in FTCI. Geode Capital Management LLC increased 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 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 shares of FTC Solar during the 4th quarter valued at approximately $109,000. Hudson Bay Capital Management LP bought a new position in FTC Solar during the fourth quarter worth $135,000. Jane Street Group LLC acquired a new position in FTC Solar in the fourth quarter worth $135,000. Finally, Goldman Sachs Group Inc. boosted its holdings in FTC Solar by 81.3% in 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 during the period. Institutional investors own 45.36% of the company’s stock.

FTC Solar Stock Performance

Shares of FTCI stock opened at $3.85 on Tuesday. The firm has a fifty day simple moving average of $4.84 and a 200-day simple moving average of $6.42. The company has a market capitalization of $61.60 million, a PE ratio of -0.67 and a beta of 1.80. FTC Solar has a twelve month low of $3.20 and a twelve month high of $12.75.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.26). The company had revenue of $17.27 million for the quarter, compared to analysts’ expectations of $24.26 million. Equities research analysts predict that FTC Solar will post -1.61 EPS for the current year.

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.