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

FTC Solar, Inc. (NASDAQ:FTCI) has been given a consensus recommendation of “Hold” by the six analysts that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $10.50.

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research note on Wednesday, June 24th. Wall Street Zen cut FTC Solar from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Roth Capital set a $7.00 target price on FTC Solar and gave the company a “buy” rating in a research note on Wednesday, August 12th.

FTC Solar Stock Down 4.7%

FTCI stock opened at $2.41 on Wednesday. The company has a 50 day moving average of $3.21 and a two-hundred day moving average of $4.32. The company has a market cap of $39.82 million, a price-to-earnings ratio of -0.39 and a beta of 1.84. FTC Solar has a 12-month low of $1.99 and a 12-month high of $12.75.

Insider Transactions at FTC Solar

In other news, Director Shaker Sadasivam purchased 101,083 shares of FTC Solar stock in a transaction dated Friday, August 28th. The stock was acquired at an average cost of $2.69 per share, for a total transaction of $271,913.27. Following the acquisition, the director directly owned 255,464 shares in the company, valued at $687,198.16. This represents a 65.48% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Anthony Carroll purchased 24,745 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was purchased at an average cost of $2.08 per share, with a total value of $51,469.60. Following the purchase, the chief executive officer owned 666,200 shares in the company, valued at $1,385,696. This represents a 3.86% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 198,701 shares of company stock valued at $489,308 over the last ninety days. Company insiders own 21.00% of the company’s stock.

Institutional Trading of FTC Solar

Large investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. increased its stake in shares of FTC Solar by 81.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after purchasing an additional 13,715 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of FTC Solar in the 2nd quarter valued at $79,000. Vanguard Group Inc. lifted its stake in shares of FTC Solar by 18.4% in the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after purchasing an additional 53,391 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of FTC Solar in the 4th quarter valued at $296,000. Finally, Geode Capital Management LLC boosted its holdings in FTC Solar by 8.2% in the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock worth $1,226,000 after purchasing an additional 8,518 shares in the last quarter. 45.36% of the stock is owned by 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.