FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila Acquires 101,800 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila purchased 101,800 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were purchased at an average price of $0.49 per share, for a total transaction of $49,882.00. Following the completion of the purchase, the director now owns 684,958 shares of the company’s stock, valued at $335,629.42. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

FTC Solar Stock Up 8.0 %

Shares of FTCI stock opened at $0.54 on Wednesday. FTC Solar, Inc. has a one year low of $0.28 and a one year high of $3.87. The company has a 50 day moving average price of $0.53 and a 200 day moving average price of $0.85.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. FTC Solar had a negative net margin of 39.60% and a negative return on equity of 59.79%. The company had revenue of $23.20 million for the quarter, compared to the consensus estimate of $22.80 million. During the same period last year, the firm posted ($0.16) EPS. Equities analysts predict that FTC Solar, Inc. will post -0.24 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on FTCI. Roth Capital downgraded shares of FTC Solar from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. Roth Mkm reissued a “neutral” rating and set a $0.45 price objective (down previously from $2.00) on shares of FTC Solar in a report on Thursday, March 14th. HC Wainwright decreased their price objective on shares of FTC Solar from $2.50 to $1.50 and set a “buy” rating on the stock in a report on Thursday, March 14th. Finally, Northland Securities upped their price target on shares of FTC Solar from $0.65 to $1.00 and gave the company a “market perform” rating in a report on Friday, December 15th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong 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 $1.49.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Electron Capital Partners LLC increased its holdings in shares of FTC Solar by 109.1% in the 3rd quarter. Electron Capital Partners LLC now owns 4,298,357 shares of the company’s stock worth $5,502,000 after acquiring an additional 2,242,410 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of FTC Solar by 627.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,181,143 shares of the company’s stock worth $7,023,000 after acquiring an additional 1,881,143 shares during the period. BlackRock Inc. increased its holdings in shares of FTC Solar by 67.7% in the 1st quarter. BlackRock Inc. now owns 2,164,042 shares of the company’s stock worth $10,670,000 after acquiring an additional 873,868 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of FTC Solar by 330.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 999,564 shares of the company’s stock worth $3,219,000 after acquiring an additional 767,398 shares during the period. Finally, Maven Securities LTD acquired a new stake in shares of FTC Solar in the 3rd quarter worth about $960,000. 33.64% of the stock is currently owned by institutional investors.

About FTC Solar

FTC Solar, Inc provides solar tracker systems, software, and engineering services in the United States and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides Pioneer, a one module-in-portrait solar tracker solution that allows for a pile count reduction per megawatt.