Insider Buying: FTC Solar (NASDAQ:FTCI) Director Acquires $72,905.10 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam bought 33,290 shares of the business’s stock in a transaction on Wednesday, August 26th. The shares were acquired at an average cost of $2.19 per share, for a total transaction of $72,905.10. Following the transaction, the director directly owned 114,798 shares in the company, valued at approximately $251,407.62. This trade represents a 40.84% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

FTC Solar Stock Performance

FTCI stock opened at $2.55 on Monday. The firm has a market cap of $42.13 million, a price-to-earnings ratio of -0.41 and a beta of 1.87. The firm has a 50-day simple moving average of $3.57 and a two-hundred day simple moving average of $4.67. FTC Solar, Inc. has a one year low of $1.99 and a one year high of $12.75.

Hedge Funds Weigh In On FTC Solar

Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its stake in shares of FTC Solar by 178.0% in the first quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock worth $353,000 after buying an additional 59,800 shares during the last quarter. Laurel Oak Wealth Management LLC purchased a new position in FTC Solar during the first quarter valued at approximately $60,000. Mercer Global Advisors Inc. ADV purchased a new position in FTC Solar during the fourth quarter valued at approximately $109,000. Quadrature Capital Ltd acquired a new position in FTC Solar in the fourth quarter valued at approximately $419,000. Finally, Electron Capital Partners LLC purchased a new stake in FTC Solar in the 4th quarter worth approximately $979,000. Hedge funds and other institutional investors own 45.36% of the company’s stock.

Wall Street Analyst Weigh In

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

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.