FTC Solar, Inc. (NASDAQ:FTCI) Given Average Recommendation of “Hold” by Brokerages

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

FTCI has been the subject of a number of research reports. Wall Street Zen upgraded FTC Solar from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Finally, TD Cowen reduced their price target 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.

FTC Solar Price Performance

NASDAQ:FTCI opened at $3.85 on Tuesday. The company has a market cap of $61.60 million, a P/E ratio of -0.67 and a beta of 1.80. The firm’s 50 day moving average is $4.84 and its two-hundred day moving average is $6.42. FTC Solar has a fifty-two week low of $3.20 and a fifty-two week high of $12.75.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.26). The firm had revenue of $17.27 million during the quarter, compared to analyst estimates of $24.26 million. Research analysts forecast that FTC Solar will post -1.61 earnings per share for the current fiscal year.

Insider Activity

In other FTC Solar news, Director Shaker Sadasivam bought 27,025 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average price of $3.70 per share, with a total value of $99,992.50. Following the purchase, the director owned 81,508 shares in the company, valued at approximately $301,579.60. The trade was a 49.60% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have acquired a total of 36,775 shares of company stock valued at $134,810 over the last ninety days. 21.00% of the stock is owned by corporate insiders.

Institutional Trading of FTC Solar

Several large investors have recently added to or reduced their stakes in FTCI. Quadrature Capital Ltd purchased a new stake in shares of FTC Solar in the fourth quarter worth about $419,000. Squarepoint Ops LLC purchased a new stake in shares of FTC Solar during the 4th quarter valued at about $581,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of FTC Solar during the 4th quarter valued at about $314,000. Hudson Bay Capital Management LP acquired a new position in FTC Solar during the 4th quarter worth approximately $135,000. Finally, State Street Corp lifted its position in FTC Solar by 53.4% during the 4th quarter. State Street Corp now owns 43,971 shares of the company’s stock worth $480,000 after acquiring an additional 15,300 shares in the last quarter. 45.36% of the stock is currently owned by institutional investors and hedge funds.

FTC Solar Company Profile

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.