Brokerages Set FTC Solar, Inc. (NASDAQ:FTCI) Price Target at $1.11

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $1.11.

A number of brokerages recently weighed in on FTCI. UBS Group lowered their price target on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a report on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $1.50 target price on shares of FTC Solar in a research report on Monday, May 13th. Finally, TD Cowen cut their price target on FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research note on Friday, August 9th.

Insider Buying and Selling at FTC Solar

In related news, Director Ahmad R. Chatila bought 114,726 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was bought at an average cost of $0.44 per share, for a total transaction of $50,479.44. Following the transaction, the director now owns 1,082,184 shares of the company’s stock, valued at $476,160.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Cortes Isidoro Alfonso Quiroga bought 321,337 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were bought at an average cost of $0.25 per share, for a total transaction of $80,334.25. Following the completion of the acquisition, the director now owns 1,941,740 shares in the company, valued at approximately $485,435. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ahmad R. Chatila purchased 114,726 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $0.44 per share, with a total value of $50,479.44. Following the acquisition, the director now directly owns 1,082,184 shares in the company, valued at $476,160.96. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 1,158,863 shares of company stock valued at $305,058. 23.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FTC Solar

Several large investors have recently made changes to their positions in the stock. Fifth Lane Capital LP lifted its position in shares of FTC Solar by 200.0% in the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after purchasing an additional 50,000 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in FTC Solar by 527.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after buying an additional 83,334 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of FTC Solar during the 2nd quarter worth about $42,000. TTP Investments Inc. bought a new position in shares of FTC Solar in the 1st quarter valued at about $80,000. Finally, GSA Capital Partners LLP increased its position in shares of FTC Solar by 162.2% in the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after acquiring an additional 1,189,960 shares during the last quarter. Institutional investors own 45.36% of the company’s stock.

FTC Solar Stock Performance

FTC Solar stock opened at $0.21 on Wednesday. The business’s fifty day moving average is $0.32 and its two-hundred day moving average is $0.43. The firm has a market cap of $25.76 million, a P/E ratio of -0.53 and a beta of 1.53. FTC Solar has a 52 week low of $0.18 and a 52 week high of $1.85.

FTC Solar (NASDAQ:FTCI) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. The business had revenue of $11.43 million for the quarter, compared to the consensus estimate of $13.09 million. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. On average, equities research analysts predict that FTC Solar will post -0.32 earnings per share for the current year.

About FTC Solar

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.