FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila Buys 100,000 Shares

FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila bought 100,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was purchased at an average price of $0.25 per share, with a total value of $25,000.00. Following the transaction, the director now owns 1,603,046 shares in the company, valued at approximately $400,761.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

FTC Solar Stock Performance

FTCI stock opened at $0.24 on Thursday. FTC Solar, Inc. has a 52 week low of $0.18 and a 52 week high of $2.11. The stock has a market cap of $30.71 million, a P/E ratio of -0.63 and a beta of 1.59. The firm has a 50 day simple moving average of $0.35 and a 200 day simple moving average of $0.45.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP lifted its stake in FTC Solar by 162.2% in the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after acquiring an additional 1,189,960 shares during the last quarter. TTP Investments Inc. acquired a new stake in shares of FTC Solar in the first quarter worth about $80,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of FTC Solar during the 2nd quarter worth about $42,000. Mercer Global Advisors Inc. ADV raised its position in shares of FTC Solar by 527.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after purchasing an additional 83,334 shares during the period. Finally, Fifth Lane Capital LP lifted its stake in shares of FTC Solar by 200.0% in the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after buying an additional 50,000 shares during the last quarter. 45.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on FTCI. HC Wainwright reissued a “buy” rating and set a $1.50 target price on shares of FTC Solar in a research note on Monday, May 13th. UBS Group cut their price target on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, TD Cowen cut their target price on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Five analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, FTC Solar has an average rating of “Moderate Buy” and an average target price of $1.11.

About FTC Solar

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.