FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Rating of “Hold” from Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have earned a consensus recommendation of “Hold” from the six brokerages that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $12.50.

Several brokerages have recently commented on FTCI. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a research report on Friday, March 27th. Wall Street Zen downgraded shares of FTC Solar from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Finally, TD Cowen decreased their price objective on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th.

Insider Activity at FTC Solar

In related news, Director Shaker Sadasivam bought 27,025 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average cost of $3.70 per share, with a total value of $99,992.50. Following the completion of the purchase, the director owned 81,508 shares of the company’s stock, valued at approximately $301,579.60. The trade was a 49.60% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have acquired 36,775 shares of company stock worth $134,810. 21.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On FTC Solar

Institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP purchased a new position in FTC Solar during the fourth quarter valued at $762,000. Squarepoint Ops LLC purchased a new position in shares of FTC Solar in the 4th quarter worth $581,000. State Street Corp grew its stake in shares of FTC Solar by 53.4% in the 4th quarter. State Street Corp now owns 43,971 shares of the company’s stock worth $480,000 after buying an additional 15,300 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of FTC Solar in the 4th quarter worth $367,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of FTC Solar in the 4th quarter worth $314,000. 45.36% of the stock is owned by hedge funds and other institutional investors.

FTC Solar Trading Down 11.9%

FTCI opened at $4.75 on Monday. FTC Solar has a 1-year low of $3.20 and a 1-year high of $12.75. The company has a market capitalization of $76 million, a PE ratio of -0.83 and a beta of 1.81. The firm’s 50 day simple moving average is $4.50 and its two-hundred day simple moving average is $7.55.

FTC Solar (NASDAQ:FTCI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.26). The firm had revenue of $17.27 million for the quarter, compared to the consensus estimate of $24.26 million. FTC Solar had a negative net margin of 42.12% and a negative return on equity of 549.96%. Equities analysts forecast that FTC Solar will post -1.56 earnings per share for the current fiscal year.

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.