Cubist Systematic Strategies LLC bought a new stake in FTC Solar, Inc. (NASDAQ:FTCI) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 27,745 shares of the company’s stock, valued at approximately $369,000.
A number of other large investors have also recently modified their holdings of the business. Legal & General Group Plc bought a new stake in FTC Solar in the second quarter valued at approximately $27,000. Deutsche Bank AG bought a new stake in shares of FTC Solar during the second quarter worth $151,000. Rhumbline Advisers bought a new stake in shares of FTC Solar during the second quarter worth $191,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of FTC Solar during the second quarter worth $217,000. Finally, California State Teachers Retirement System bought a new stake in shares of FTC Solar during the second quarter worth $349,000. 25.84% of the stock is owned by hedge funds and other institutional investors.
Shares of FTCI stock opened at $9.02 on Thursday. The company has a fifty day moving average price of $8.42 and a two-hundred day moving average price of $9.84. FTC Solar, Inc. has a one year low of $6.22 and a one year high of $15.46.
Several equities research analysts have recently issued reports on FTCI shares. Raymond James lowered their price objective on shares of FTC Solar from $15.00 to $12.00 and set a “strong-buy” rating for the company in a research report on Tuesday, October 5th. Zacks Investment Research raised shares of FTC Solar from a “sell” rating to a “hold” rating in a research report on Thursday, September 16th. Barclays raised shares of FTC Solar from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $11.00 to $9.00 in a research report on Wednesday, October 20th. Finally, Piper Sandler raised their target price on shares of FTC Solar from $15.00 to $17.00 and gave the company an “overweight” rating in a research report on Thursday, August 26th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $14.19.
In related news, CEO Sean Hunkler bought 16,000 shares of the business’s stock in a transaction dated Friday, November 12th. The stock was bought at an average price of $9.47 per share, for a total transaction of $151,520.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
FTC Solar Profile
FTC Solar, Inc provides solar tracker systems, and software and engineering services in the United States and internationally. The company markets its two-panel in-portrait single-axis tracker systems under the Voyager brand name. Its software solutions include SunPath, a solution to enhance energy production; SunDAT, an online 3D solar PV design solution; and Atlas, a solar portfolio management solution.
Further Reading: Price to Earnings Ratio (PE)
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