Piper Sandler Lowers FTC Solar (NASDAQ:FTCI) Price Target to $2.50

FTC Solar (NASDAQ:FTCIGet Rating) had its price objective decreased by stock analysts at Piper Sandler to $2.50 in a report released on Wednesday, Stock Target Advisor reports. Piper Sandler’s price objective points to a potential upside of 8.70% from the company’s previous close.

FTCI has been the topic of several other research reports. Northland Securities lowered their price objective on shares of FTC Solar to $4.00 in a research note on Tuesday. Raymond James decreased their price target on shares of FTC Solar from $6.00 to $5.00 and set a “strong-buy” rating on the stock in a research report on Thursday, November 10th. Finally, Credit Suisse Group cut their price objective on shares of FTC Solar to $6.00 in a research report on Wednesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, FTC Solar currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.95.

FTC Solar Stock Up 1.8 %

FTCI opened at $2.30 on Wednesday. The stock’s 50 day moving average price is $2.79 and its two-hundred day moving average price is $3.72. The firm has a market capitalization of $237.56 million, a P/E ratio of -2.19 and a beta of 2.44. FTC Solar has a 12-month low of $1.78 and a 12-month high of $10.71.

Insiders Place Their Bets

In other news, major shareholder Arc Family Trust sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $4.20, for a total value of $210,000.00. Following the sale, the insider now directly owns 18,763,357 shares in the company, valued at approximately $78,806,099.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, major shareholder Arc Family Trust sold 50,000 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $4.20, for a total value of $210,000.00. Following the sale, the insider now owns 18,763,357 shares in the company, valued at approximately $78,806,099.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick Cook sold 13,555 shares of the company’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $4.50, for a total transaction of $60,997.50. Following the completion of the sale, the insider now directly owns 207,011 shares in the company, valued at approximately $931,549.50. The disclosure for this sale can be found here. Insiders sold a total of 1,452,825 shares of company stock worth $4,576,824 over the last quarter. Company insiders own 44.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Rock Point Advisors LLC acquired a new stake in FTC Solar during the 1st quarter valued at $1,674,000. Heartland Advisors Inc. increased its stake in shares of FTC Solar by 60.0% in the first quarter. Heartland Advisors Inc. now owns 400,000 shares of the company’s stock valued at $1,972,000 after buying an additional 150,000 shares in the last quarter. KBC Group NV bought a new position in shares of FTC Solar in the first quarter valued at about $328,000. Belpointe Asset Management LLC lifted its position in FTC Solar by 64.6% during the 1st quarter. Belpointe Asset Management LLC now owns 33,776 shares of the company’s stock worth $167,000 after buying an additional 13,260 shares in the last quarter. Finally, CIBC Private Wealth Group LLC bought a new stake in FTC Solar during the 2nd quarter worth about $2,449,000. Institutional investors own 25.09% of the company’s stock.

About FTC Solar

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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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