FTC Solar (NASDAQ:FTCI) Trading Down 0.8% – What’s Next?

FTC Solar, Inc. (NASDAQ:FTCI)’s stock price traded down 0.8% on Friday . The company traded as low as $11.06 and last traded at $11.41. 59,630 shares changed hands during trading, a decline of 21% from the average session volume of 75,671 shares. The stock had previously closed at $11.50.

Wall Street Analysts Forecast Growth

FTCI has been the topic of a number of analyst reports. TD Cowen upped their price objective on shares of FTC Solar from $8.00 to $12.50 and gave the company a “buy” rating in a research note on Thursday, November 13th. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a report on Monday, December 29th. Roth Mkm set a $15.00 price target on shares of FTC Solar in a research report on Monday, November 17th. Zacks Research upgraded FTC Solar from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Finally, HC Wainwright reissued a “buy” rating and issued a $20.00 price objective (up from $5.00) on shares of FTC Solar in a research report on Wednesday, January 7th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $14.38.

FTC Solar Stock Down 0.8%

The stock has a market cap of $170.47 million, a price-to-earnings ratio of -2.64 and a beta of 1.43. The firm’s fifty day moving average price is $10.55 and its two-hundred day moving average price is $8.14. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.66 and a quick ratio of 1.53.

FTC Solar (NASDAQ:FTCI) last issued its earnings results on Wednesday, November 12th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.14. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 69.25%.The business had revenue of $26.03 million during the quarter, compared to analyst estimates of $21.12 million. Sell-side analysts forecast that FTC Solar, Inc. will post -3.98 earnings per share for the current fiscal year.

Insider Transactions at FTC Solar

In other news, Director David Springer sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $8.98, for a total transaction of $898,000.00. Following the transaction, the director directly owned 689,222 shares of the company’s stock, valued at $6,189,213.56. This represents a 12.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Sasan Aminpour sold 3,239 shares of the stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $10.93, for a total value of $35,402.27. Following the completion of the transaction, the chief operating officer owned 269,734 shares in the company, valued at approximately $2,948,192.62. This represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 142,660 shares of company stock worth $1,360,874. Insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Jane Street Group LLC bought a new stake in shares of FTC Solar during the second quarter worth about $79,000. Goldman Sachs Group Inc. lifted its position 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 acquiring an additional 13,715 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in FTC Solar by 18.4% during the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after purchasing an additional 53,391 shares during the last quarter. 45.36% of the stock is owned by institutional investors.

About FTC Solar

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.