FTC Solar, Inc. (NASDAQ:FTCI) Director Purchases $50,930.00 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila bought 92,600 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were purchased at an average cost of $0.55 per share, with a total value of $50,930.00. Following the purchase, the director now directly owns 870,058 shares of the company’s stock, valued at $478,531.90. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

FTC Solar Stock Up 13.4 %

NASDAQ:FTCI opened at $0.59 on Thursday. FTC Solar, Inc. has a 1-year low of $0.28 and a 1-year high of $3.87. The firm has a market capitalization of $73.54 million, a price-to-earnings ratio of -1.37 and a beta of 1.60. The stock has a fifty day simple moving average of $0.53 and a 200 day simple moving average of $0.79.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The business had revenue of $23.20 million during the quarter, compared to analyst estimates of $22.80 million. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. During the same quarter last year, the company posted ($0.16) EPS. Equities analysts predict that FTC Solar, Inc. will post -0.24 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on FTCI. Roth Mkm reaffirmed a “neutral” rating and set a $0.45 target price (down previously from $2.00) on shares of FTC Solar in a research note on Thursday, March 14th. Northland Securities raised their target price on FTC Solar from $0.65 to $1.00 and gave the company a “market perform” rating in a research note on Friday, December 15th. HC Wainwright decreased their target price on FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a research note on Thursday, March 14th. Finally, Roth Capital lowered FTC Solar from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, FTC Solar currently has a consensus rating of “Hold” and a consensus price target of $1.49.

Institutional Investors Weigh In On FTC Solar

Hedge funds have recently bought and sold shares of the business. Mariner LLC purchased a new stake in FTC Solar in the 4th quarter worth about $27,000. FMR LLC lifted its stake in FTC Solar by 873.4% in the 1st quarter. FMR LLC now owns 11,837 shares of the company’s stock worth $27,000 after acquiring an additional 10,621 shares in the last quarter. State of Wyoming purchased a new stake in FTC Solar in the 2nd quarter worth about $33,000. OLD Mission Capital LLC lifted its stake in FTC Solar by 120.7% in the 4th quarter. OLD Mission Capital LLC now owns 49,005 shares of the company’s stock worth $34,000 after acquiring an additional 26,803 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in FTC Solar in the 4th quarter worth about $35,000. 45.36% of the stock is owned by hedge funds and other institutional investors.

FTC Solar Company Profile

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.