Arc Family Trust Sells 184,000 Shares of FTC Solar, Inc. (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCIGet Rating) major shareholder Arc Family Trust sold 184,000 shares of the firm’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $3.86, for a total transaction of $710,240.00. Following the sale, the insider now directly owns 20,837,357 shares of the company’s stock, valued at $80,432,198.02. The transaction was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own 10% or more 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 Monday, April 25th, Arc Family Trust sold 61,000 shares of FTC Solar stock. The shares were sold at an average price of $3.01, for a total transaction of $183,610.00.
  • On Wednesday, April 20th, Arc Family Trust sold 67,000 shares of FTC Solar stock. The stock was sold at an average price of $3.25, for a total transaction of $217,750.00.
  • On Monday, April 18th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $3.44, for a total transaction of $172,000.00.
  • 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 stock was sold at an average price of $3.84, for a total value of $235,776.00.
  • On Thursday, April 7th, Arc Family Trust sold 92,000 shares of FTC Solar stock. The stock was sold at an average price of $4.58, for a total value of $421,360.00.

NASDAQ:FTCI traded down $0.39 during midday trading on Friday, reaching $3.75. 36,623 shares of the company traded hands, compared to its average volume of 1,308,819. FTC Solar, Inc. has a twelve month low of $2.12 and a twelve month high of $13.98. The firm has a market capitalization of $374.29 million and a price-to-earnings ratio of -2.63. The company has a fifty day moving average price of $4.29 and a 200 day moving average price of $5.75.

FTC Solar (NASDAQ:FTCIGet Rating) last announced its earnings results on Tuesday, May 10th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.06). FTC Solar had a negative net margin of 51.28% and a negative return on equity of 54.97%. During the same period in the prior year, the company posted ($0.10) EPS. On average, sell-side analysts predict that FTC Solar, Inc. will post -0.7 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in FTCI. State Street Corp raised its stake in 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 acquiring an additional 1,458,820 shares in the last quarter. Cinctive Capital Management LP raised its stake in 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 acquiring an additional 952,493 shares in the last quarter. BlackRock Inc. raised its stake in FTC Solar by 67.7% during the 1st quarter. BlackRock Inc. now owns 2,164,042 shares of the company’s stock valued at $10,670,000 after acquiring an additional 873,868 shares in the last quarter. Vanguard Group Inc. raised its stake in FTC Solar by 59.9% during the 1st quarter. Vanguard Group Inc. now owns 1,389,309 shares of the company’s stock valued at $6,850,000 after acquiring an additional 520,620 shares in the last quarter. Finally, Citadel Advisors LLC raised 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 worth $14,498,000 after buying an additional 502,725 shares in the last quarter. 20.41% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts have recently commented on the company. Zacks Investment Research lowered FTC Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, May 11th. Cowen decreased their target price on FTC Solar from $10.00 to $6.00 in a research report on Wednesday, May 11th. Credit Suisse Group decreased their target price 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. Roth Capital lowered FTC Solar from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $4.00 in a research report on Monday, January 24th. Finally, Bank of America boosted their price objective on FTC Solar from $4.50 to $5.00 and gave the company an “underperform” rating in a research report on Wednesday, March 16th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $7.32.

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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