FTC Solar, Inc. (FTCI) – What Are Brokerages Saying About This Stock?

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $8.90.

Several equities analysts recently issued reports on FTCI shares. UBS Group upgraded FTC Solar from a “neutral” rating to a “buy” rating and raised their price target for the company from $3.50 to $3.60 in a report on Friday, September 18th. Wall Street Zen cut FTC Solar from a “sell” rating to a “strong sell” rating in a report on Saturday, October 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, September 21st. Roth Capital set a $7.00 target price on shares of FTC Solar and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Zacks Research upgraded shares of FTC Solar to a “hold” rating in a research report on Friday, October 23rd.

Insider Transactions at FTC Solar

In related news, CEO Anthony Carroll bought 24,745 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was bought at an average cost of $2.08 per share, for a total transaction of $51,469.60. Following the transaction, the chief executive officer owned 666,200 shares of the company’s stock, valued at $1,385,696. This represents a 3.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Shaker Sadasivam acquired 101,083 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were purchased at an average price of $2.69 per share, with a total value of $271,913.27. Following the acquisition, the director owned 255,464 shares of the company’s stock, valued at approximately $687,198.16. This trade represents a 65.48% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 198,701 shares of company stock worth $489,308. Company insiders own 19.20% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

A hedge fund recently raised its stake in FTC Solar stock. Renaissance Technologies LLC raised its position in FTC Solar, Inc. (NASDAQ:FTCI) by 178.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 93,400 shares of the company’s stock after purchasing an additional 59,800 shares during the quarter. Renaissance Technologies LLC owned 0.58% of FTC Solar worth $353,000 at the end of the most recent reporting period. 45.36% of the stock is currently owned by institutional investors and hedge funds.

FTC Solar Stock Up 0.8%

FTCI stock opened at $1.33 on Thursday. The company has a market cap of $24.30 million, a P/E ratio of -0.21 and a beta of 1.76. FTC Solar has a twelve month low of $1.27 and a twelve month high of $12.75. The business has a fifty day moving average of $2.08 and a 200-day moving average of $4.76.

FTC Solar Company Profile

FTC Solar, Inc (NASDAQ: FTCI) provides solar tracker systems, software, and engineering services for utility-scale photovoltaic projects. Its technology is designed to help solar panels follow the sun throughout the day, increasing energy production and supporting more efficient project development and operation.

The company’s offerings include single-axis tracker systems, proprietary tracker-control and optimization software, and related engineering, technical, and installation support.