FTC Solar (NASDAQ:FTCI) CEO Acquires $51,469.60 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) CEO Anthony Carroll bought 24,745 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were purchased at an average price of $2.08 per share, for a total transaction of $51,469.60. Following the completion of the purchase, the chief executive officer directly owned 666,200 shares of the company’s stock, valued at approximately $1,385,696. This trade represents a 3.86% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

FTC Solar Stock Up 4.9%

Shares of NASDAQ:FTCI opened at $2.55 on Friday. The firm’s 50 day moving average price is $3.57 and its 200 day moving average price is $4.70. The stock has a market cap of $42.13 million, a price-to-earnings ratio of -0.41 and a beta of 1.87. FTC Solar, Inc. has a fifty-two week low of $1.99 and a fifty-two week high of $12.75.

Institutional Trading of FTC Solar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Walleye Capital LLC purchased a new stake in shares of FTC Solar during the 4th quarter worth approximately $1,482,000. Electron Capital Partners LLC purchased a new position in shares of FTC Solar in the 4th quarter valued at $979,000. Informed Momentum Co LLC purchased a new position in shares of FTC Solar in the 4th quarter valued at $836,000. Marshall Wace LLP acquired a new stake in FTC Solar during the 4th quarter worth $762,000. Finally, Captrust Financial Advisors acquired a new stake in FTC Solar during the 4th quarter worth $745,000. Institutional investors and hedge funds own 45.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on FTCI shares. Roth Capital set a $7.00 target price on shares of FTC Solar and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a research note on Wednesday, June 24th. Wall Street Zen downgraded FTC Solar from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, TD Cowen lowered their price objective on FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.50.

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.