Arc Family Trust Sells 50,000 Shares of FTC Solar, Inc. (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCIGet Free Report) major shareholder Arc Family Trust sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $1.99, for a total value of $99,500.00. Following the transaction, the insider now owns 12,190,857 shares in the company, valued at $24,259,805.43. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

  • On Monday, August 28th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $1.95, for a total value of $97,500.00.
  • On Wednesday, August 23rd, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $1.96, for a total value of $98,000.00.
  • On Monday, August 21st, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $1.92, for a total value of $96,000.00.
  • On Wednesday, August 16th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $1.96, for a total value of $98,000.00.
  • On Monday, August 14th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $2.14, for a total value of $107,000.00.
  • On Wednesday, August 9th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $2.52, for a total value of $126,000.00.
  • On Monday, August 7th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $3.36, for a total value of $168,000.00.
  • On Wednesday, August 2nd, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $3.49, for a total value of $174,500.00.
  • On Monday, July 31st, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $3.76, for a total value of $188,000.00.
  • On Wednesday, July 26th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $3.56, for a total value of $178,000.00.

FTC Solar Stock Down 2.1 %

FTCI stock opened at $1.88 on Friday. FTC Solar, Inc. has a twelve month low of $1.78 and a twelve month high of $4.50. The firm has a market cap of $222.04 million, a PE ratio of -2.89 and a beta of 1.87. The business has a 50 day moving average of $2.86 and a 200 day moving average of $2.74.

FTC Solar (NASDAQ:FTCIGet Free Report) last posted its quarterly earnings data on Wednesday, August 9th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. FTC Solar had a negative return on equity of 86.64% and a negative net margin of 58.87%. The company had revenue of $32.36 million during the quarter, compared to analyst estimates of $47.82 million. On average, research analysts expect that FTC Solar, Inc. will post -0.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its position in FTC Solar by 32.7% during the 2nd quarter. California State Teachers Retirement System now owns 21,163 shares of the company’s stock valued at $68,000 after buying an additional 5,217 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of FTC Solar by 1,612.3% in the 2nd quarter. Osaic Holdings Inc. now owns 55,546 shares of the company’s stock worth $179,000 after purchasing an additional 52,302 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of FTC Solar by 240.3% in the second quarter. Alliancebernstein L.P. now owns 45,600 shares of the company’s stock worth $147,000 after acquiring an additional 32,200 shares during the period. Wells Fargo & Company MN grew its holdings in shares of FTC Solar by 32.8% in the second quarter. Wells Fargo & Company MN now owns 63,429 shares of the company’s stock worth $204,000 after acquiring an additional 15,671 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of FTC Solar by 330.5% in the second quarter. Goldman Sachs Group Inc. now owns 999,564 shares of the company’s stock worth $3,219,000 after acquiring an additional 767,398 shares during the period. Institutional investors own 33.64% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on FTCI. UBS Group cut FTC Solar from a “buy” rating to a “neutral” rating and lowered their target price for the company from $4.00 to $2.50 in a research note on Tuesday, August 15th. HC Wainwright restated a “buy” rating and issued a $5.00 target price on shares of FTC Solar in a research note on Thursday, August 10th. Finally, Piper Sandler lowered their target price on FTC Solar from $3.00 to $2.50 and set a “neutral” rating for the company in a research note on Thursday, August 10th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, FTC Solar has an average rating of “Moderate Buy” and an average target price of $3.93.

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About FTC Solar

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FTC Solar, Inc provides solar tracker systems, software, and engineering services in the United States and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides Pioneer, a one module-in-portrait solar tracker solution that allows for a pile count reduction per megawatt.

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