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

FTC Solar, Inc. (NASDAQ:FTCI) major shareholder Arc Family Trust sold 50,000 shares of the company’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $1.95, for a total transaction of $97,500.00. Following the completion of the sale, the insider now owns 12,290,857 shares of the company’s stock, valued at approximately $23,967,171.15. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Wednesday, August 30th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $1.99, for a total transaction of $99,500.00.
• On Wednesday, August 23rd, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $1.96, for a total transaction of $98,000.00.
• On Monday, August 21st, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $1.92, for a total transaction of $96,000.00.
• On Wednesday, August 16th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $1.96, for a total transaction of $98,000.00.
• On Monday, August 14th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00.
• On Wednesday, August 9th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $2.52, for a total transaction 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 transaction of $168,000.00.
• On Wednesday, August 2nd, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $3.49, for a total transaction of $174,500.00.
• On Monday, July 31st, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $3.76, for a total transaction of $188,000.00.
• On Wednesday, July 26th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $3.56, for a total transaction of $178,000.00.

FTC Solar Trading Down 2.1 %

NASDAQ:FTCI opened at $1.88 on Friday. The firm has a 50-day moving average price of $2.86 and a two-hundred day moving average price of $2.74. FTC Solar, Inc. has a twelve month low of $1.78 and a twelve month high of $4.50. The company has a market capitalization of $222.04 million, a P/E ratio of -2.89 and a beta of 1.87.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings results on Wednesday, August 9th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. FTC Solar had a negative net margin of 58.87% and a negative return on equity of 86.64%. The company had revenue of $32.36 million for the quarter, compared to analysts’ expectations of $47.82 million. On average, equities research analysts predict that FTC Solar, Inc. will post -0.36 earnings per share for the current year.

Institutional Investors Weigh In On FTC Solar

Several hedge funds have recently modified their holdings of FTCI. Handelsbanken Fonder AB acquired a new stake in shares of FTC Solar during the 1st quarter worth about $6,314,000. Point72 Asset Management L.P. boosted its stake in shares of FTC Solar by 627.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,181,143 shares of the company’s stock worth $7,023,000 after purchasing an additional 1,881,143 shares during the last quarter. BlackRock Inc. boosted its stake in shares of FTC Solar by 67.7% during the 1st quarter. BlackRock Inc. now owns 2,164,042 shares of the company’s stock worth $10,670,000 after purchasing an additional 873,868 shares during the last quarter. Goldman Sachs Group Inc. boosted its position 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 last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in shares of FTC Solar by 182.1% in the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,152,878 shares of the company’s stock worth $3,712,000 after acquiring an additional 744,158 shares during the last quarter. 33.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

FTC Solar Company Profile

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.