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

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been assigned an average rating of “Hold” from the six brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $14.3750.

A number of research analysts have recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, December 29th. 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 report on Thursday, November 13th. Zacks Research upgraded shares of FTC Solar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. HC Wainwright reissued a “buy” rating and set a $20.00 target price (up from $5.00) on shares of FTC Solar in a report on Wednesday, January 7th. Finally, Roth Mkm set a $15.00 price target on FTC Solar in a research report on Monday, November 17th.

FTC Solar Price Performance

FTC Solar stock opened at $7.24 on Friday. The business’s 50 day simple moving average is $10.58 and its 200 day simple moving average is $8.86. FTC Solar has a 12 month low of $2.13 and a 12 month high of $12.75. The company has a market cap of $108.17 million, a price-to-earnings ratio of -1.67 and a beta of 1.43. The company has a current ratio of 1.66, a quick ratio of 1.53 and a debt-to-equity ratio of 1.20.

Insider Buying and Selling

In other news, Director Anthony Carroll bought 10,638 shares of the stock in a transaction on Tuesday, December 16th. The shares were acquired at an average cost of $9.53 per share, for a total transaction of $101,380.14. Following the purchase, the director directly owned 24,205 shares of the company’s stock, valued at $230,673.65. This trade represents a 78.41% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Yann Brandt sold 37,775 shares of the firm’s stock in a transaction on Tuesday, December 30th. The shares were sold at an average price of $10.84, for a total transaction of $409,481.00. Following the completion of the transaction, the chief executive officer directly owned 776,425 shares of the company’s stock, valued at approximately $8,416,447. The trade was a 4.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 42,660 shares of company stock valued at $462,874. Company insiders own 21.00% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTCI. Hudson Bay Capital Management LP purchased a new stake in shares of FTC Solar in the 4th quarter valued at about $135,000. OMERS ADMINISTRATION Corp bought a new position in shares of FTC Solar in the fourth quarter worth approximately $314,000. Renaissance Technologies LLC purchased a new stake in FTC Solar in the fourth quarter valued at approximately $367,000. Quadrature Capital Ltd purchased a new stake in FTC Solar in the fourth quarter valued at approximately $419,000. Finally, Squarepoint Ops LLC bought a new stake in FTC Solar during the fourth quarter valued at approximately $581,000. 45.36% of the stock is currently owned by hedge funds and other 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.