FTC Solar (NASDAQ:FTCI) Stock Price Down 0.8% – Should You Sell?

FTC Solar, Inc. (NASDAQ:FTCI) shares were down 0.8% during trading on Friday . The stock traded as low as $11.06 and last traded at $11.41. Approximately 59,630 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 75,671 shares. The stock had previously closed at $11.50.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FTCI shares. UBS Group restated a “neutral” rating and set a $10.00 price target (up previously from $5.50) on shares of FTC Solar in a report on Tuesday, December 2nd. HC Wainwright reiterated a “buy” rating and set a $20.00 price objective (up from $5.00) on shares of FTC Solar in a research report on Wednesday, January 7th. Roth Mkm set a $15.00 target price on shares of FTC Solar in a research note on Monday, November 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, December 29th. Finally, Zacks Research upgraded FTC Solar from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.38.

FTC Solar Trading Down 0.8%

The business’s 50-day simple moving average is $10.55 and its 200-day simple moving average is $8.17. The company has a market cap of $170.47 million, a PE ratio of -2.64 and a beta of 1.43. The company has a current ratio of 1.66, a quick ratio of 1.53 and a debt-to-equity ratio of 1.20.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.14. The business had revenue of $26.03 million for the quarter, compared to the consensus estimate of $21.12 million. FTC Solar had a negative net margin of 69.25% and a negative return on equity of 549.96%. As a group, analysts expect that FTC Solar, Inc. will post -3.98 EPS for the current fiscal year.

Insider Transactions at FTC Solar

In related news, CEO Yann Brandt sold 37,775 shares of the business’s stock in a transaction that occurred on Tuesday, December 30th. The stock was sold at an average price of $10.84, for a total value of $409,481.00. Following the completion of the sale, the chief executive officer owned 776,425 shares of the company’s stock, valued at approximately $8,416,447. The trade was a 4.64% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David Springer sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $8.98, for a total transaction of $898,000.00. Following the transaction, the director directly owned 689,222 shares in the company, valued at approximately $6,189,213.56. The trade was a 12.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 142,660 shares of company stock valued at $1,360,874 in the last quarter. Corporate insiders own 21.00% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

Large investors have recently bought and sold shares of the business. Jane Street Group LLC acquired a new stake in shares of FTC Solar in the second quarter worth about $79,000. Goldman Sachs Group Inc. raised its stake in shares of 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 acquiring an additional 13,715 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in FTC Solar by 18.4% in the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock worth $2,417,000 after purchasing an additional 53,391 shares during the last quarter. 45.36% of the stock is currently owned by institutional investors.

About FTC Solar

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.