FTC Solar, Inc. (NASDAQ:FTCI) Major Shareholder Arc Family Trust Sells 50,000 Shares

FTC Solar, Inc. (NASDAQ:FTCIGet Rating) major shareholder Arc Family Trust sold 50,000 shares of the stock in a transaction dated Monday, April 18th. The stock was sold at an average price of $3.44, for a total transaction of $172,000.00. Following the transaction, the insider now directly owns 21,523,357 shares of the company’s stock, valued at $74,040,348.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Arc Family Trust also recently made the following trade(s):

  • On Thursday, April 14th, Arc Family Trust sold 31,300 shares of FTC Solar stock. The stock was sold at an average price of $3.63, for a total transaction of $113,619.00.
  • On Tuesday, April 12th, Arc Family Trust sold 61,400 shares of FTC Solar stock. The shares were sold at an average price of $3.84, for a total transaction of $235,776.00.
  • On Thursday, April 7th, Arc Family Trust sold 92,000 shares of FTC Solar stock. The shares were sold at an average price of $4.58, for a total transaction of $421,360.00.

NASDAQ FTCI traded down $0.22 during mid-day trading on Wednesday, reaching $3.21. 1,228,230 shares of the stock were exchanged, compared to its average volume of 1,189,883. FTC Solar, Inc. has a 1-year low of $3.17 and a 1-year high of $15.46. The business’s fifty day simple moving average is $4.80 and its 200 day simple moving average is $6.38. The stock has a market capitalization of $318.25 million and a PE ratio of -2.48.

FTC Solar (NASDAQ:FTCIGet Rating) last announced its earnings results on Tuesday, March 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.04). FTC Solar had a negative return on equity of 53.89% and a negative net margin of 40.69%. On average, analysts forecast that FTC Solar, Inc. will post -0.06 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC boosted its position in FTC Solar by 35.5% during the fourth quarter. Citadel Advisors LLC now owns 1,917,735 shares of the company’s stock worth $14,498,000 after acquiring an additional 502,725 shares during the last quarter. Cinctive Capital Management LP boosted its holdings in shares of FTC Solar by 118.8% in the 4th quarter. Cinctive Capital Management LP now owns 1,754,492 shares of the company’s stock valued at $13,264,000 after purchasing an additional 952,493 shares during the last quarter. State Street Corp grew its stake in shares of FTC Solar by 512.2% during the 4th quarter. State Street Corp now owns 1,743,629 shares of the company’s stock valued at $13,182,000 after buying an additional 1,458,820 shares during the period. BlackRock Inc. increased its holdings in shares of FTC Solar by 37.3% during the 4th quarter. BlackRock Inc. now owns 1,290,174 shares of the company’s stock worth $9,753,000 after buying an additional 350,484 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of FTC Solar by 37.2% in the 4th quarter. First Trust Advisors LP now owns 1,081,601 shares of the company’s stock worth $8,177,000 after buying an additional 293,444 shares during the period. Hedge funds and other institutional investors own 21.91% of the company’s stock.

FTCI has been the subject of a number of research analyst reports. Piper Sandler cut shares of FTC Solar from a “neutral” rating to an “underweight” rating in a report on Wednesday. Zacks Investment Research cut shares of FTC Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 22nd. Raymond James dropped their target price on shares of FTC Solar from $12.00 to $10.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 16th. Credit Suisse Group dropped their price objective on shares of FTC Solar from $18.00 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, January 20th. Finally, Roth Capital cut shares of FTC Solar from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $15.00 to $4.00 in a research note on Monday, January 24th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $8.55.

About FTC Solar (Get Rating)

FTC Solar, Inc provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites.

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