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

FTC Solar, Inc. (NASDAQ:FTCIGet Rating) major shareholder Arc Family Trust sold 184,000 shares of the firm’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $5.02, for a total transaction of $923,680.00. Following the completion of the transaction, the insider now directly owns 20,285,357 shares of the company’s stock, valued at approximately $101,832,492.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

  • On Thursday, June 2nd, Arc Family Trust sold 28,400 shares of FTC Solar stock. The shares were sold at an average price of $4.05, for a total transaction of $115,020.00.
  • On Tuesday, May 31st, Arc Family Trust sold 84,600 shares of FTC Solar stock. The shares were sold at an average price of $4.30, for a total transaction of $363,780.00.
  • On Monday, May 23rd, Arc Family Trust sold 92,000 shares of FTC Solar stock. The shares were sold at an average price of $3.81, for a total transaction of $350,520.00.
  • On Wednesday, May 18th, Arc Family Trust sold 184,000 shares of FTC Solar stock. The shares were sold at an average price of $3.86, for a total transaction of $710,240.00.
  • 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 transaction 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 transaction of $421,360.00.

Shares of FTC Solar stock opened at $5.36 on Thursday. The firm’s fifty day simple moving average is $3.82 and its 200-day simple moving average is $5.22. FTC Solar, Inc. has a 12 month low of $2.12 and a 12 month high of $13.98.

FTC Solar (NASDAQ:FTCIGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported ($0.20) earnings per share (EPS) 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 quarter last year, the firm earned ($0.10) earnings per share. As a group, equities research analysts expect that FTC Solar, Inc. will post -0.7 EPS for the current fiscal year.

FTCI has been the topic of a number of research analyst reports. Bank of America raised their price objective on shares of FTC Solar from $4.50 to $5.00 and gave the stock an “underperform” rating in a report on Wednesday, March 16th. Piper Sandler cut shares of FTC Solar from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $4.00 to $3.00 in a report on Wednesday, April 20th. Zacks Investment Research cut shares of FTC Solar from a “hold” rating to a “sell” rating in a report on Wednesday, May 11th. Northland Securities initiated coverage on shares of FTC Solar in a report on Monday, May 23rd. They set an “outperform” rating and a $7.00 price objective on the stock. Finally, Cowen cut their price objective on shares of FTC Solar from $10.00 to $6.00 in a report on Wednesday, May 11th. Three research analysts have rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.77.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE increased its stake in FTC Solar by 684.2% in the 1st quarter. Bank of America Corp DE now owns 220,891 shares of the company’s stock valued at $1,088,000 after buying an additional 192,724 shares during the period. Virtu Financial LLC acquired a new position in FTC Solar in the 1st quarter valued at $178,000. Mirabella Financial Services LLP acquired a new position in FTC Solar in the 1st quarter valued at $79,000. Jane Street Group LLC acquired a new position in FTC Solar in the 1st quarter valued at $68,000. Finally, California State Teachers Retirement System increased its stake in FTC Solar by 70.6% in the 1st quarter. California State Teachers Retirement System now owns 17,619 shares of the company’s stock valued at $87,000 after buying an additional 7,293 shares during the period. 20.41% of the stock is currently owned by institutional investors.

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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Insider Buying and Selling by Quarter for FTC Solar (NASDAQ:FTCI)

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