FTC Solar, Inc. (NASDAQ:FTCI) Major Shareholder Arc Family Trust Sells 60,000 Shares

FTC Solar, Inc. (NASDAQ:FTCIGet Rating) major shareholder Arc Family Trust sold 60,000 shares of FTC Solar stock in a transaction on Monday, November 21st. The shares were sold at an average price of $2.15, for a total transaction of $129,000.00. Following the completion of the sale, the insider now directly owns 16,361,357 shares of the company’s stock, valued at approximately $35,176,917.55. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Arc Family Trust also recently made the following trade(s):

  • On Monday, November 14th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $2.32, for a total transaction of $116,000.00.
  • On Monday, November 7th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $1.85, for a total transaction of $92,500.00.
  • On Wednesday, November 2nd, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $1.89, for a total transaction of $94,500.00.
  • On Monday, October 31st, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $2.05, for a total transaction of $102,500.00.
  • On Wednesday, October 26th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $2.09, for a total transaction of $104,500.00.
  • On Monday, October 24th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $1.90, for a total transaction of $95,000.00.
  • On Wednesday, October 19th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00.
  • On Monday, October 17th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $2.39, for a total transaction of $119,500.00.
  • On Wednesday, October 12th, Arc Family Trust sold 67,000 shares of FTC Solar stock. The shares were sold at an average price of $2.71, for a total transaction of $181,570.00.
  • On Monday, October 10th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $2.72, for a total transaction of $136,000.00.

FTC Solar Trading Up 9.1 %

Shares of FTCI traded up $0.19 during mid-day trading on Thursday, hitting $2.28. 1,311,831 shares of the company traded hands, compared to its average volume of 1,268,169. FTC Solar, Inc. has a one year low of $1.78 and a one year high of $9.05. The business has a 50-day moving average of $2.58 and a 200 day moving average of $3.68. The stock has a market capitalization of $235.50 million, a price-to-earnings ratio of -2.19 and a beta of 2.44.

FTC Solar (NASDAQ:FTCIGet Rating) last announced its quarterly earnings data on Wednesday, November 9th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). FTC Solar had a negative net margin of 51.87% and a negative return on equity of 81.67%. The business had revenue of $16.57 million during the quarter, compared to analyst estimates of $17.28 million. As a group, analysts anticipate that FTC Solar, Inc. will post -0.91 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on FTCI shares. Northland Securities cut their price objective on shares of FTC Solar to $4.00 in a research report on Tuesday, November 15th. Piper Sandler lowered their target price on shares of FTC Solar to $2.50 in a research note on Wednesday, November 16th. Raymond James lowered their target price on shares of FTC Solar from $6.00 to $5.00 and set a “strong-buy” rating on the stock in a research note on Thursday, November 10th. Finally, Credit Suisse Group lowered their target price on shares of FTC Solar to $6.00 in a research note on Wednesday, November 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $5.95.

Hedge Funds Weigh In On FTC Solar

Several large investors have recently bought and sold shares of the business. Invesco Ltd. lifted its holdings in FTC Solar by 8.1% in the first quarter. Invesco Ltd. now owns 3,567,308 shares of the company’s stock valued at $17,587,000 after buying an additional 267,307 shares during the period. BlackRock Inc. raised its holdings in FTC Solar by 67.7% in the first quarter. BlackRock Inc. now owns 2,164,042 shares of the company’s stock worth $10,670,000 after purchasing an additional 873,868 shares during the period. Vanguard Group Inc. raised its holdings in FTC Solar by 10.4% in the third quarter. Vanguard Group Inc. now owns 1,912,664 shares of the company’s stock worth $5,662,000 after purchasing an additional 180,361 shares during the period. State Street Corp raised its holdings in FTC Solar by 5.8% in the first quarter. State Street Corp now owns 1,845,243 shares of the company’s stock worth $9,097,000 after purchasing an additional 101,614 shares during the period. Finally, Citadel Advisors LLC raised its holdings in FTC Solar by 185.2% in the third quarter. Citadel Advisors LLC now owns 882,529 shares of the company’s stock worth $2,612,000 after purchasing an additional 573,081 shares during the period. 25.09% of the stock is currently owned by institutional investors and hedge funds.

About FTC Solar

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FTC Solar, Inc provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites.

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Insider Buying and Selling by Quarter for FTC Solar (NASDAQ:FTCI)

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