FTC Solar, Inc. (NASDAQ:FTCI) Stock Has Consensus Price Target of $8.90 According to Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been given an average rating of “Moderate Buy” by the six analysts that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $8.90.

FTCI has been the topic of several recent analyst reports. Roth Capital set a $7.00 price target on FTC Solar and gave the stock a “buy” rating in a research report on Wednesday, August 12th. UBS Group raised FTC Solar from a “neutral” rating to a “buy” rating and increased their price objective for the company from $3.50 to $3.60 in a report on Friday, September 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a research note on Monday, September 21st. Finally, Wall Street Zen downgraded shares of FTC Solar from a “sell” rating to a “strong sell” rating in a report on Saturday, October 3rd.

Insider Activity

In other FTC Solar news, CEO Anthony Carroll purchased 24,745 shares of FTC Solar stock in a transaction that occurred on Tuesday, August 25th. The stock was acquired at an average price of $2.08 per share, for a total transaction of $51,469.60. Following the completion of the acquisition, the chief executive officer owned 666,200 shares of the company’s stock, valued at approximately $1,385,696. This trade represents a 3.86% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Shaker Sadasivam purchased 101,083 shares of the stock in a transaction on Friday, August 28th. The shares were acquired at an average cost of $2.69 per share, for a total transaction of $271,913.27. Following the transaction, the director owned 255,464 shares of the company’s stock, valued at approximately $687,198.16. The trade was a 65.48% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 198,701 shares of company stock worth $489,308 over the last 90 days. 21.00% of the stock is owned by company insiders.

Institutional Trading of FTC Solar

A number of hedge funds have recently made changes to their positions in FTCI. Renaissance Technologies LLC boosted its stake in shares of FTC Solar by 178.0% during the 1st quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock worth $353,000 after acquiring an additional 59,800 shares during the period. Electron Capital Partners LLC bought a new stake in FTC Solar in the 4th quarter valued at $979,000. Finally, Laurel Oak Wealth Management LLC acquired a new stake in FTC Solar during the 1st quarter valued at $60,000. 45.36% of the stock is owned by institutional investors and hedge funds.

FTC Solar Price Performance

Shares of NASDAQ:FTCI opened at $1.93 on Friday. The company’s 50-day moving average price is $2.37 and its two-hundred day moving average price is $3.74. FTC Solar has a one year low of $1.83 and a one year high of $12.75. The stock has a market capitalization of $31.88 million, a PE ratio of -0.31 and a beta of 1.76.

About FTC Solar

FTC Solar, Inc (NASDAQ: FTCI) is a solar technology company that provides photovoltaic (PV) solar tracker systems, software and engineering services. Its solutions are designed to help utility-scale solar projects increase energy production by adjusting the position of solar panels to follow the sun throughout the day.

The company’s product portfolio includes single-axis tracker systems, such as its Voyager platform, along with related controls, monitoring and project design capabilities.