FTC Solar, Inc. (NASDAQ:FTCI) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been given an average recommendation of “Moderate Buy” by the eight analysts that are presently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $1.11.

Several research analysts recently weighed in on the stock. TD Cowen reduced their price objective on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. UBS Group reduced their price target on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research report on Friday, August 9th.

Insider Activity

In other news, Director Ahmad R. Chatila bought 238,000 shares of the stock in a transaction on Friday, September 6th. The stock was purchased at an average price of $0.21 per share, for a total transaction of $49,980.00. Following the acquisition, the director now owns 1,951,046 shares in the company, valued at $409,719.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Ahmad R. Chatila purchased 238,000 shares of FTC Solar stock in a transaction on Friday, September 6th. The stock was purchased at an average price of $0.21 per share, with a total value of $49,980.00. Following the transaction, the director now directly owns 1,951,046 shares in the company, valued at approximately $409,719.66. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ahmad R. Chatila purchased 110,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average cost of $0.23 per share, with a total value of $25,300.00. Following the completion of the purchase, the director now directly owns 1,713,046 shares in the company, valued at $394,000.58. The disclosure for this purchase can be found here. Insiders purchased 1,282,137 shares of company stock worth $304,558 over the last quarter. 23.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FTC Solar

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

FTC Solar Stock Performance

Shares of FTC Solar stock opened at $0.65 on Friday. The firm has a fifty day moving average of $0.35 and a two-hundred day moving average of $0.42. The stock has a market capitalization of $81.02 million, a price-to-earnings ratio of -1.65 and a beta of 1.53. FTC Solar has a 52 week low of $0.18 and a 52 week high of $1.49.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. FTC Solar had a negative return on equity of 75.67% and a negative net margin of 63.17%. The business had revenue of $11.43 million during the quarter, compared to the consensus estimate of $13.09 million. As a group, research analysts forecast that FTC Solar will post -0.32 EPS for the current fiscal year.

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.