FTC Solar (NASDAQ:FTCI) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of FTC Solar (NASDAQ:FTCI) from a hold rating to a sell rating in a report released on Saturday morning.

A number of other analysts have also commented on FTCI. TD Cowen dropped their price target on FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a research note on Wednesday, June 24th. 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 MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.50.

FTC Solar Stock Up 4.0%

FTC Solar stock opened at $2.83 on Friday. FTC Solar has a 52 week low of $2.57 and a 52 week high of $12.75. The company’s 50 day moving average price is $4.28 and its two-hundred day moving average price is $5.48. The stock has a market cap of $46.58 million, a P/E ratio of -0.45 and a beta of 1.87.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its position in shares of FTC Solar by 81.3% during 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 during the period. Jane Street Group LLC bought a new stake in shares of FTC Solar in the 2nd quarter worth approximately $79,000. Vanguard Group Inc. raised its holdings in shares of 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 period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in FTC Solar in the fourth quarter valued at approximately $296,000. Finally, Geode Capital Management LLC lifted its stake in FTC Solar by 8.2% in the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock valued at $1,226,000 after purchasing an additional 8,518 shares during the last quarter. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

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.