Shaker Sadasivam Purchases 39,583 Shares of FTC Solar (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam purchased 39,583 shares of FTC Solar stock in a transaction on Thursday, August 27th. The shares were acquired at an average cost of $2.35 per share, for a total transaction of $93,020.05. Following the purchase, the director owned 154,381 shares in the company, valued at approximately $362,795.35. This trade represents a 34.48% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Shaker Sadasivam also recently made the following trade(s):

• On Friday, August 28th, Shaker Sadasivam acquired 101,083 shares of FTC Solar stock. The shares were acquired at an average price of $2.69 per share, for a total transaction of $271,913.27.
• On Wednesday, August 26th, Shaker Sadasivam acquired 33,290 shares of FTC Solar stock. The stock was acquired at an average cost of $2.19 per share, with a total value of $72,905.10.

FTC Solar Trading Down 2.1%

FTC Solar stock opened at $2.30 on Wednesday. The stock has a fifty day moving average price of $3.45 and a 200 day moving average price of $4.56. FTC Solar, Inc. has a 52 week low of $1.99 and a 52 week high of $12.75. The firm has a market capitalization of $38.00 million, a P/E ratio of -0.37 and a beta of 1.84.

Institutional Investors Weigh In On FTC Solar

Several institutional investors have recently bought and sold shares of FTCI. Laurel Oak Wealth Management LLC purchased a new position in shares of FTC Solar in the 1st quarter valued at $60,000. Jane Street Group LLC purchased a new stake in FTC Solar during the 2nd quarter worth $79,000. Goldman Sachs Group Inc. increased its holdings in FTC Solar by 81.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after purchasing an additional 13,715 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in FTC Solar in the fourth quarter valued at about $109,000. Finally, Hudson Bay Capital Management LP acquired a new position in shares of FTC Solar during the fourth quarter worth about $135,000. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FTCI has been the topic of several recent analyst reports. TD Cowen cut their price objective on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a 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. Wall Street Zen lowered shares of FTC Solar from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Roth Capital set a $7.00 price target on shares of FTC Solar and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $10.50.

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.