FTC Solar (NASDAQ:FTCI) Director Purchases $93,020.05 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam bought 39,583 shares of the stock in a transaction on Thursday, August 27th. The shares were acquired at an average cost of $2.35 per share, with a total value of $93,020.05. Following the purchase, the director owned 154,381 shares of the company’s stock, valued at approximately $362,795.35. This represents a 34.48% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, August 28th, Shaker Sadasivam bought 101,083 shares of FTC Solar stock. The stock was bought at an average cost of $2.69 per share, with a total value of $271,913.27.
• On Wednesday, August 26th, Shaker Sadasivam purchased 33,290 shares of FTC Solar stock. The stock was bought at an average price of $2.19 per share, for a total transaction of $72,905.10.

FTC Solar Trading Up 3.9%

Shares of FTC Solar stock opened at $2.39 on Thursday. The firm’s 50 day moving average is $3.40 and its 200 day moving average is $4.51. The firm has a market capitalization of $39.48 million, a PE ratio of -0.38 and a beta of 1.84. FTC Solar, Inc. has a 1 year low of $1.99 and a 1 year high of $12.75.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. TD Cowen lowered their price target on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Wall Street Zen cut FTC Solar from a “hold” rating to a “sell” rating in a 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 research note on Wednesday, August 12th. 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 MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.50.

Institutional Trading of FTC Solar

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV acquired a new position in FTC Solar during the 4th quarter worth about $109,000. Hudson Bay Capital Management LP acquired a new stake in shares of FTC Solar in the fourth quarter valued at about $135,000. Jane Street Group LLC bought a new position in shares of FTC Solar during the fourth quarter worth about $135,000. Laurel Oak Wealth Management LLC bought a new position in shares of FTC Solar during the first quarter worth about $60,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of FTC Solar in the fourth quarter worth approximately $296,000. 45.36% of the stock is currently owned by institutional investors and hedge funds.

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.