FTC Solar’s (FTCI) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of FTC Solar (NASDAQ:FTCI) in a research report sent to investors on Wednesday,Benzinga reports. HC Wainwright currently has a $1.50 target price on the stock.

Several other brokerages have also weighed in on FTCI. TD Cowen dropped their target price on FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. UBS Group dropped their target price on FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, FTC Solar has an average rating of “Hold” and an average target price of $0.85.

FTC Solar Price Performance

Shares of NASDAQ FTCI opened at $0.42 on Wednesday. FTC Solar has a 1-year low of $0.18 and a 1-year high of $1.00. The business’s fifty day moving average price is $0.52 and its two-hundred day moving average price is $0.44. The firm has a market capitalization of $53.88 million, a PE ratio of -1.11 and a beta of 1.79.

Insider Transactions at FTC Solar

In other FTC Solar news, Director Ahmad R. Chatila purchased 238,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was bought at an average price of $0.21 per share, with a total value of $49,980.00. Following the completion of the purchase, the director now owns 1,951,046 shares in the company, valued at $409,719.66. This trade represents a 13.89 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders acquired 548,000 shares of company stock valued at $125,280. 22.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in shares of FTC Solar by 9.2% in the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock worth $522,000 after purchasing an additional 64,325 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake 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 valued at $35,000 after buying an additional 83,334 shares in the last quarter. XTX Topco Ltd bought a new position in FTC Solar during the third quarter valued at about $81,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in FTC Solar during the second quarter valued at about $42,000. Institutional investors own 45.36% of the company’s stock.

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.