FTC Solar (NASDAQ:FTCI) CEO Acquires 24,745 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) CEO Anthony Carroll acquired 24,745 shares of the stock in a transaction on Tuesday, August 25th. The stock was purchased at an average cost of $2.08 per share, with a total value of $51,469.60. Following the transaction, the chief executive officer directly owned 666,200 shares of the company’s stock, valued at $1,385,696. This represents a 3.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

FTC Solar Stock Down 6.6%

FTCI opened at $1.99 on Wednesday. The firm’s 50 day moving average is $3.73 and its 200-day moving average is $4.82. FTC Solar, Inc. has a 52-week low of $1.99 and a 52-week high of $12.75. The firm has a market capitalization of $32.87 million, a P/E ratio of -0.32 and a beta of 1.87.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FTCI. TD Cowen decreased their price objective on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Roth Capital set a $7.00 target price on FTC Solar and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Wall Street Zen cut FTC Solar from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, FTC Solar presently has an average rating of “Hold” and a consensus target price of $10.50.

Institutional Trading of FTC Solar

Several hedge funds and other institutional investors have recently bought and sold shares of FTCI. Vanguard Group Inc. raised its stake in 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 buying an additional 53,391 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of FTC Solar in the 4th quarter worth approximately $1,482,000. Geode Capital Management LLC increased its holdings in shares of FTC Solar by 8.2% in the 4th quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock valued at $1,226,000 after acquiring an additional 8,518 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of FTC Solar by 178.0% in the 1st quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock valued at $353,000 after acquiring an additional 59,800 shares during the last quarter. Finally, Electron Capital Partners LLC acquired a new stake in shares of FTC Solar during the 4th quarter valued at approximately $979,000. 45.36% of the stock is owned by institutional investors.

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.