AQR Capital Management LLC Sells 709,036 Shares of FTC Solar, Inc. (NASDAQ:FTCI)

AQR Capital Management LLC decreased its position in FTC Solar, Inc. (NASDAQ:FTCI) by 80.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 175,023 shares of the company’s stock after selling 709,036 shares during the quarter. AQR Capital Management LLC owned approximately 0.14% of FTC Solar worth $62,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of FTC Solar in the second quarter valued at approximately $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. GSA Capital Partners LLP raised its position in shares of 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 purchasing an additional 1,189,960 shares during the period. Fifth Lane Capital LP grew 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 acquiring an additional 50,000 shares during the last quarter. Finally, TTP Investments Inc. acquired a new stake in shares of FTC Solar in the first quarter worth $80,000. Institutional investors own 45.36% of the company’s stock.

Analysts Set New Price Targets

FTCI has been the topic of several research analyst reports. TD Cowen lowered 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 lowered their price objective on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Four investment 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 stock. Based on data from MarketBeat.com, FTC Solar currently has an average rating of “Moderate Buy” and an average price target of $1.04.

Insider Activity

In other news, Director Ahmad R. Chatila bought 212,800 shares of FTC Solar stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $0.23 per share, for a total transaction of $48,944.00. Following the purchase, the director now owns 1,403,046 shares of the company’s stock, valued at approximately $322,700.58. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other FTC Solar news, Director Ahmad R. Chatila purchased 212,800 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $0.23 per share, with a total value of $48,944.00. Following the completion of the acquisition, the director now directly owns 1,403,046 shares of the company’s stock, valued at $322,700.58. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cortes Isidoro Alfonso Quiroga purchased 321,337 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was acquired at an average cost of $0.25 per share, with a total value of $80,334.25. Following the completion of the acquisition, the director now directly owns 1,941,740 shares of the company’s stock, valued at $485,435. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 1,282,137 shares of company stock worth $304,558. Corporate insiders own 23.10% of the company’s stock.

FTC Solar Price Performance

FTCI opened at $0.59 on Friday. FTC Solar, Inc. has a fifty-two week low of $0.18 and a fifty-two week high of $1.38. The firm’s fifty day moving average price is $0.39 and its two-hundred day moving average price is $0.42. The company has a market capitalization of $73.98 million, a P/E ratio of -1.51 and a beta of 1.76.

FTC Solar (NASDAQ:FTCI) last issued its earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. The company had revenue of $11.43 million for the quarter, compared to the consensus estimate of $13.09 million. On average, equities research analysts expect that FTC Solar, Inc. will post -0.3 EPS for the current fiscal year.

FTC Solar Company Profile

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.