Brokerages Set FTC Solar, Inc. (NASDAQ:FTCI) PT at $0.85

FTC Solar, Inc. (NASDAQ:FTCI) has been assigned a consensus rating of “Hold” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $0.85.

Several equities research analysts have commented on the company. TD Cowen cut their target price on FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. HC Wainwright restated a “buy” rating and issued a $1.50 target price on shares of FTC Solar in a research note on Wednesday, November 13th. Finally, UBS Group cut their target price on FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research note on Friday, August 9th.

FTC Solar Price Performance

NASDAQ:FTCI opened at $0.40 on Monday. The stock has a market capitalization of $51.61 million, a PE ratio of -1.06 and a beta of 1.79. The business’s 50-day simple moving average is $0.53 and its 200-day simple moving average is $0.43. FTC Solar has a fifty-two week low of $0.18 and a fifty-two week high of $1.00.

Insider Transactions at FTC Solar

In related news, Director Ahmad R. Chatila acquired 110,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were bought at an average price of $0.23 per share, for a total transaction of $25,300.00. Following the purchase, the director now directly owns 1,713,046 shares in the company, valued at approximately $394,000.58. This trade represents a 6.86 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased a total of 448,000 shares of company stock worth $100,280 in the last 90 days. Corporate insiders own 22.60% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

A number of institutional investors and hedge funds have recently made changes to their positions in FTCI. Geode Capital Management LLC increased its holdings in shares of FTC Solar by 9.2% during the 3rd quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock worth $522,000 after acquiring an additional 64,325 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in shares of FTC Solar by 527.9% during the 2nd 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 during the last quarter. XTX Topco Ltd acquired a new position in shares of FTC Solar during the 3rd quarter worth approximately $81,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of FTC Solar during the 2nd quarter worth approximately $42,000. Institutional investors own 45.36% of the company’s stock.

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.