FTC Solar (NASDAQ:FTCI) Stock Rating Lowered by Piper Sandler

FTC Solar (NASDAQ:FTCIGet Rating) was downgraded by equities researchers at Piper Sandler from a “neutral” rating to an “underweight” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

A number of other research analysts have also recently weighed in on FTCI. Raymond James dropped their price target on FTC Solar from $12.00 to $10.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 16th. Credit Suisse Group dropped their price objective on FTC Solar from $18.00 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, January 20th. Zacks Investment Research cut FTC Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 22nd. Bank of America lifted their price objective on FTC Solar from $4.50 to $5.00 and gave the stock an “underperform” rating in a research report on Wednesday, March 16th. Finally, Roth Capital cut 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 report on Monday, January 24th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, FTC Solar currently has a consensus rating of “Buy” and a consensus target price of $8.55.

NASDAQ:FTCI traded down $0.21 during trading hours on Wednesday, hitting $3.22. The company’s stock had a trading volume of 50,907 shares, compared to its average volume of 1,189,201. FTC Solar has a 52-week low of $3.30 and a 52-week high of $15.46. The company has a market capitalization of $319.24 million and a PE ratio of -2.48. The business’s 50-day moving average is $4.80 and its two-hundred day moving average is $6.38.

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

In other news, major shareholder Arc Family Trust sold 31,300 shares of FTC Solar stock in a transaction dated Thursday, April 14th. The stock was sold at an average price of $3.63, for a total value of $113,619.00. Following the transaction, the insider now directly owns 21,573,357 shares of the company’s stock, valued at approximately $78,311,285.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ali Mortazavi sold 42,893 shares of FTC Solar stock in a transaction dated Wednesday, February 16th. The shares were sold at an average price of $4.06, for a total value of $174,145.58. The disclosure for this sale can be found here. Over the last three months, insiders sold 508,088 shares of company stock worth $2,194,679.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citadel Advisors LLC lifted its stake in shares of FTC Solar by 35.5% in the 4th quarter. Citadel Advisors LLC now owns 1,917,735 shares of the company’s stock valued at $14,498,000 after purchasing an additional 502,725 shares in the last quarter. Cinctive Capital Management LP lifted its stake 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 in the last quarter. State Street Corp lifted its stake in shares of FTC Solar by 512.2% in the 4th quarter. State Street Corp now owns 1,743,629 shares of the company’s stock valued at $13,182,000 after purchasing an additional 1,458,820 shares in the last quarter. BlackRock Inc. lifted its stake in shares of FTC Solar by 37.3% in the 4th quarter. BlackRock Inc. now owns 1,290,174 shares of the company’s stock valued at $9,753,000 after purchasing an additional 350,484 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake 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 valued at $8,177,000 after purchasing an additional 293,444 shares in the last quarter. 21.91% of the stock is currently owned by institutional investors and hedge funds.

FTC Solar Company Profile (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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