FTC Solar (NASDAQ:FTCI) Price Target Cut to $6.00

FTC Solar (NASDAQ:FTCIGet Rating) had its price target decreased by stock analysts at Cowen from $10.00 to $6.00 in a research note issued on Wednesday, Stock Target Advisor reports. Cowen’s price target indicates a potential upside of 96.72% from the company’s previous close.

A number of other research analysts have also recently weighed in on the stock. Cowen dropped their price objective on shares of FTC Solar from $10.00 to $6.00 in a research note on Wednesday. Piper Sandler cut shares of FTC Solar from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $4.00 to $3.00 in a research note on Wednesday, April 20th. Roth Capital cut shares of FTC Solar from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $15.00 to $4.00 in a research note on Monday, January 24th. Zacks Investment Research cut shares of FTC Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 22nd. Finally, Credit Suisse Group lowered their target price 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. Two research analysts have rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, FTC Solar has a consensus rating of “Buy” and an average target price of $7.32.

Shares of FTCI traded up $0.18 during mid-day trading on Wednesday, reaching $3.05. 15,450 shares of the company’s stock were exchanged, compared to its average volume of 1,211,285. The company has a 50-day simple moving average of $4.54 and a two-hundred day simple moving average of $6.00. FTC Solar has a 52-week low of $2.12 and a 52-week high of $13.98. The company has a market cap of $304.17 million and a price-to-earnings ratio of -2.35.

FTC Solar (NASDAQ:FTCIGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.06). FTC Solar had a negative return on equity of 53.89% and a negative net margin of 40.69%. During the same quarter in the previous year, the firm earned ($0.10) EPS. On average, equities research analysts predict that FTC Solar will post -0.07 EPS for the current fiscal year.

In other news, CAO Cathy Behnen sold 28,871 shares of the business’s stock in a transaction dated Tuesday, March 8th. The shares were sold at an average price of $5.05, for a total value of $145,798.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick Cook sold 59,870 shares of the business’s stock in a transaction dated Wednesday, April 27th. The shares were sold at an average price of $2.88, for a total transaction of $172,425.60. Following the sale, the insider now directly owns 94,295 shares of the company’s stock, valued at approximately $271,569.60. The disclosure for this sale can be found here. Insiders sold a total of 700,110 shares of company stock valued at $2,766,450 in the last three months.

Several large investors have recently made changes to their positions in FTCI. State Street Corp grew its position 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 last quarter. Cinctive Capital Management LP grew its position in shares of FTC Solar by 118.8% during the 4th quarter. Cinctive Capital Management LP now owns 1,754,492 shares of the company’s stock valued at $13,264,000 after buying an additional 952,493 shares during the last quarter. Citadel Advisors LLC grew its position in shares of FTC Solar by 35.5% during the 4th quarter. Citadel Advisors LLC now owns 1,917,735 shares of the company’s stock valued at $14,498,000 after buying an additional 502,725 shares during the last quarter. BlackRock Inc. grew its position 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 valued at $9,753,000 after buying an additional 350,484 shares during the last quarter. Finally, Rock Point Advisors LLC bought a new stake in shares of FTC Solar during the 1st quarter valued at about $1,674,000. 20.41% of the stock is owned by institutional investors and hedge funds.

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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