FTC Solar (NASDAQ:FTCI) Director Shaker Sadasivam Purchases 101,083 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam acquired 101,083 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was purchased at an average price of $2.69 per share, with a total value of $271,913.27. Following the completion of the transaction, the director owned 255,464 shares of the company’s stock, valued at approximately $687,198.16. This trade represents a 65.48% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Shaker Sadasivam also recently made the following trade(s):

• On Thursday, August 27th, Shaker Sadasivam acquired 39,583 shares of FTC Solar stock. The shares were purchased at an average cost of $2.35 per share, with a total value of $93,020.05.
• On Wednesday, August 26th, Shaker Sadasivam bought 33,290 shares of FTC Solar stock. The stock was acquired at an average cost of $2.19 per share, for a total transaction of $72,905.10.

FTC Solar Price Performance

Shares of NASDAQ:FTCI opened at $2.30 on Wednesday. FTC Solar, Inc. has a one year low of $1.99 and a one year high of $12.75. The company has a 50 day moving average of $3.45 and a 200-day moving average of $4.56. The stock has a market cap of $38.00 million, a price-to-earnings ratio of -0.37 and a beta of 1.84.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FTCI. Walleye Capital LLC bought a new stake in FTC Solar in the fourth quarter valued at approximately $1,482,000. Electron Capital Partners LLC bought a new position in shares of FTC Solar during the fourth quarter worth $979,000. Informed Momentum Co LLC acquired a new position in shares of FTC Solar in the 4th quarter valued at $836,000. Marshall Wace LLP acquired a new position in shares of FTC Solar in the 4th quarter valued at $762,000. Finally, Captrust Financial Advisors bought a new stake in shares of FTC Solar in the 4th quarter valued at $745,000. Institutional investors and hedge funds own 45.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on FTCI shares. Roth Capital set a $7.00 target price on shares of FTC Solar and gave the stock a “buy” rating in a report on Wednesday, August 12th. Wall Street Zen lowered FTC Solar from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. TD Cowen decreased 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. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, FTC Solar has an average rating of “Hold” and an average 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.