FTC Solar (NASDAQ:FTCI) Stock Rating Lowered by Wall Street Zen

FTC Solar (NASDAQ:FTCI) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

FTCI has been the topic of a number of other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a research note on Monday, December 29th. HC Wainwright reissued a “buy” rating and set a $20.00 target price (up from $5.00) on shares of FTC Solar in a research report on Wednesday, January 7th. UBS Group restated a “neutral” rating and set a $10.00 price target (up from $5.50) on shares of FTC Solar in a report on Tuesday, December 2nd. Finally, TD Cowen lowered their price target on FTC Solar from $12.50 to $8.00 and set a “buy” rating on the stock in a research report on Friday, March 6th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $13.25.

FTC Solar Stock Performance

Shares of FTCI stock opened at $4.04 on Friday. FTC Solar has a 12 month low of $2.13 and a 12 month high of $12.75. The company has a quick ratio of 1.29, a current ratio of 1.43 and a debt-to-equity ratio of 1.20. The business’s 50 day moving average is $7.84 and its two-hundred day moving average is $8.75. The company has a market cap of $62.98 million, a PE ratio of -0.72 and a beta of 1.48.

Insider Buying and Selling at FTC Solar

In other news, CEO Yann Brandt sold 37,775 shares of the firm’s stock in a transaction on Tuesday, December 30th. The shares were sold at an average price of $10.84, for a total value of $409,481.00. Following the sale, the chief executive officer owned 776,425 shares in the company, valued at approximately $8,416,447. This trade represents a 4.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Sasan Aminpour sold 3,239 shares of the business’s stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $10.93, for a total transaction of $35,402.27. Following the transaction, the chief operating officer directly owned 269,734 shares in the company, valued at $2,948,192.62. This trade represents a 1.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 42,660 shares of company stock worth $462,874. 21.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FTCI. Geode Capital Management LLC raised its position in shares of FTC Solar by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock valued at $1,226,000 after buying an additional 8,518 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in FTC Solar during the fourth quarter worth about $109,000. Hudson Bay Capital Management LP bought a new position in FTC Solar during the fourth quarter valued at about $135,000. Jane Street Group LLC bought a new position in FTC Solar during the fourth quarter valued at about $135,000. Finally, Goldman Sachs Group Inc. raised its holdings in 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. Institutional investors own 45.36% of the company’s stock.

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.