FTC Solar, Inc. (NASDAQ:FTCI) Given Average Recommendation of “Hold” by Brokerages

FTC Solar, Inc. (NASDAQ:FTCI) has received a consensus recommendation of “Hold” from the seven research firms that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $12.20.

Several research firms recently commented on FTCI. UBS Group reaffirmed a “neutral” rating and issued a $10.00 price target (up previously from $5.50) on shares of FTC Solar in a report on Tuesday, December 2nd. Roth Capital set a $15.00 target price on FTC Solar in a report on Monday, November 17th. TD Cowen lifted their price target on FTC Solar from $8.00 to $12.50 and gave the stock a “buy” rating in a report on Thursday, November 13th. HC Wainwright reissued a “buy” rating and set a $20.00 price target (up previously from $5.00) on shares of FTC Solar in a research report on Wednesday. Finally, Zacks Research raised shares of FTC Solar from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th.

Insider Activity

In other news, Director David Springer sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $8.98, for a total transaction of $898,000.00. Following the completion of the sale, the director owned 689,222 shares in the company, valued at $6,189,213.56. This trade represents a 12.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anthony Carroll purchased 10,638 shares of FTC Solar stock in a transaction dated Tuesday, December 16th. The shares were purchased at an average cost of $9.53 per share, for a total transaction of $101,380.14. Following the transaction, the director owned 24,205 shares in the company, valued at approximately $230,673.65. This trade represents a 78.41% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders sold 142,660 shares of company stock worth $1,360,874. Corporate insiders own 21.00% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

Several large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its holdings in FTC Solar by 81.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after buying an additional 13,715 shares during the period. Vanguard Group Inc. increased its position in shares of FTC Solar by 18.4% during the third quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after acquiring an additional 53,391 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of FTC Solar during the second quarter valued at about $79,000. Institutional investors and hedge funds own 45.36% of the company’s stock.

FTC Solar Price Performance

FTC Solar stock opened at $12.21 on Friday. The company has a fifty day simple moving average of $9.90 and a 200-day simple moving average of $7.60. The firm has a market capitalization of $182.42 million, a price-to-earnings ratio of -2.82 and a beta of 1.43. The company has a quick ratio of 1.53, a current ratio of 1.66 and a debt-to-equity ratio of 1.20. FTC Solar has a 52-week low of $2.13 and a 52-week high of $12.70.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.14. The firm had revenue of $26.03 million for the quarter, compared to analyst estimates of $21.12 million. FTC Solar had a negative net margin of 69.25% and a negative return on equity of 549.96%. On average, equities analysts anticipate that FTC Solar will post -3.98 EPS for the current fiscal year.

FTC Solar Company Profile

FTC Solar, Inc (NASDAQ:FTCI) specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants. The company’s tracker solutions are engineered to follow the sun’s path and optimize energy capture, helping customers maximize the performance of their solar assets. In addition to its core mechanical tracker products, FTC Solar offers advanced supervisory control and data acquisition (SCADA) software that enables remote monitoring, predictive maintenance and performance analytics.

Headquartered in Austin, Texas, FTC Solar supports large-scale solar projects across multiple regions, including North America, Latin America, Europe and the Middle East.