Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Takes Position in FTC Solar, Inc. (NASDAQ:FTCI)

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in FTC Solar, Inc. (NASDAQ:FTCI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 199,591 shares of the company’s stock, valued at approximately $643,000.

A number of other institutional investors and hedge funds also recently modified their holdings of FTCI. Mariner LLC purchased a new position in FTC Solar during the 4th quarter worth approximately $27,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of FTC Solar in the first quarter worth $52,000. FMR LLC grew its holdings in shares of FTC Solar by 873.4% during the first quarter. FMR LLC now owns 11,837 shares of the company’s stock valued at $27,000 after buying an additional 10,621 shares in the last quarter. Alliancebernstein L.P. acquired a new position in FTC Solar during the fourth quarter valued at $36,000. Finally, Capital Square LLC purchased a new stake in FTC Solar in the 2nd quarter worth about $44,000. 33.64% of the stock is owned by institutional investors and hedge funds.

FTC Solar Stock Up 7.2 %

Shares of FTCI opened at $0.55 on Tuesday. FTC Solar, Inc. has a 12 month low of $0.28 and a 12 month high of $3.87. The company’s fifty day moving average is $1.13 and its 200-day moving average is $2.19. The firm has a market cap of $69.30 million, a price-to-earnings ratio of -1.03 and a beta of 2.14.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. UBS Group cut FTC Solar from a “buy” rating to a “neutral” rating and lowered their target price for the company from $4.00 to $2.50 in a research note on Tuesday, August 15th. Piper Sandler lowered their price objective on shares of FTC Solar from $2.50 to $1.50 and set a “neutral” rating on the stock in a research report on Friday, October 6th. HC Wainwright cut their target price on shares of FTC Solar from $5.00 to $2.50 and set a “buy” rating for the company in a research report on Thursday, November 9th. Northland Securities cut shares of FTC Solar from an “outperform” rating to a “market perform” rating and set a $0.65 price target on the stock. in a report on Thursday, November 9th. Finally, Raymond James cut their price objective on FTC Solar from $4.00 to $2.00 and set a “strong-buy” rating for the company in a report on Thursday, November 9th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, FTC Solar has a consensus rating of “Moderate Buy” and an average price target of $2.11.

Insider Buying and Selling

In other FTC Solar news, VP Kristian Nolde sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $1.70, for a total transaction of $34,000.00. Following the transaction, the vice president now directly owns 368,718 shares in the company, valued at $626,820.60. The transaction was disclosed in a filing with the SEC, which is available through this link. In other FTC Solar news, VP Kristian Nolde sold 20,000 shares of the stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $1.70, for a total transaction of $34,000.00. Following the transaction, the vice president now owns 368,718 shares in the company, valued at $626,820.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Cathy Behnen acquired 100,000 shares of FTC Solar stock in a transaction dated Wednesday, November 15th. The stock was purchased at an average price of $0.52 per share, with a total value of $52,000.00. Following the completion of the purchase, the chief financial officer now directly owns 351,989 shares of the company’s stock, valued at approximately $183,034.28. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 422,030 shares of company stock worth $287,634 and sold 490,000 shares worth $860,500. 29.70% of the stock is currently owned by corporate insiders.

About FTC Solar

FTC Solar, Inc provides solar tracker systems, software, and engineering services in the United States and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides Pioneer, a one module-in-portrait solar tracker solution that allows for a pile count reduction per megawatt.