FTC Solar Stock Scheduled to Reverse Split on Monday, December 2nd (NASDAQ:FTCI)

Shares of FTC Solar, Inc. (NASDAQ:FTCI) are set to reverse split before the market opens on Monday, December 2nd. The 1-10 reverse split was announced on Wednesday, November 27th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, November 29th.

FTC Solar Trading Down 3.8 %

NASDAQ FTCI opened at $0.31 on Friday. The stock has a market capitalization of $40.23 million, a price-to-earnings ratio of -0.83 and a beta of 1.79. The business’s 50 day moving average is $0.51 and its two-hundred day moving average is $0.43. FTC Solar has a 12-month low of $0.18 and a 12-month high of $1.00.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FTCI. TD Cowen dropped their price objective on FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a report on Friday, August 9th. 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, HC Wainwright reissued a “buy” rating and set a $1.50 price objective on shares of FTC Solar in a report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $0.85.

Insider Activity

In other news, Director Ahmad R. Chatila bought 238,000 shares of the business’s stock in a transaction that occurred 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 purchase, the director now owns 1,951,046 shares of the company’s stock, valued at $409,719.66. This trade represents a 13.89 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 22.60% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in FTC Solar during the second quarter worth approximately $42,000. Mercer Global Advisors Inc. ADV lifted its stake 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 purchasing an additional 83,334 shares during the period. Geode Capital Management LLC boosted its holdings in shares of FTC Solar by 9.2% during 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 during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of FTC Solar in the third quarter valued at $81,000. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

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.