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

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have received a consensus rating of “Hold” from the six analysts that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $10.50.

A number of brokerages recently weighed in on FTCI. Wall Street Zen downgraded FTC Solar from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. TD Cowen decreased their price target 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 restated a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Finally, Roth Capital set a $7.00 price objective on shares of FTC Solar and gave the stock a “buy” rating in a research report on Wednesday, August 12th.

Hedge Funds Weigh In On FTC Solar

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp increased its position in shares of FTC Solar by 53.4% during the fourth quarter. State Street Corp now owns 43,971 shares of the company’s stock worth $480,000 after purchasing an additional 15,300 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of FTC Solar in the 4th quarter worth $419,000. Renaissance Technologies LLC purchased a new position in FTC Solar during the 4th quarter worth $367,000. OMERS ADMINISTRATION Corp purchased a new position in FTC Solar during the 4th quarter worth $314,000. Finally, Jane Street Group LLC purchased a new position in FTC Solar during the 4th quarter worth $135,000. 45.36% of the stock is owned by hedge funds and other institutional investors.

FTC Solar Trading Down 1.4%

Shares of NASDAQ:FTCI opened at $2.13 on Friday. The company has a market capitalization of $35.19 million, a PE ratio of -0.34 and a beta of 1.87. FTC Solar has a 12-month low of $2.11 and a 12-month high of $12.75. The business’s fifty day simple moving average is $3.83 and its 200-day simple moving average is $4.97.

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.