FTC Solar (NASDAQ:FTCI) Price Target Lowered to $2.00 at Raymond James

FTC Solar (NASDAQ:FTCI) had its target price decreased by Raymond James from $4.00 to $2.00 in a research report sent to investors on Thursday, Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

Several other equities analysts have also commented on FTCI. UBS Group lowered shares of FTC Solar from a buy rating to a neutral rating and dropped their price target for the stock from $4.00 to $2.50 in a research report on Tuesday, August 15th. HC Wainwright reiterated a buy rating and issued a $5.00 target price on shares of FTC Solar in a report on Thursday, August 10th. Finally, Piper Sandler dropped their price target on FTC Solar from $2.50 to $1.50 and set a neutral rating for the company in a research note on Friday, October 6th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, FTC Solar has a consensus rating of Moderate Buy and a consensus target price of $2.66.

FTC Solar Stock Down 2.1 %

FTCI stock opened at $0.44 on Thursday. The stock has a market capitalization of $55.02 million, a price-to-earnings ratio of -0.81 and a beta of 2.14. The stock’s fifty day simple moving average is $1.29 and its 200-day simple moving average is $2.28. FTC Solar has a 52-week low of $0.28 and a 52-week high of $3.87.

Insiders Place Their Bets

In related news, CFO Robert Phelps Morris bought 72,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were acquired at an average cost of $1.40 per share, for a total transaction of $100,800.00. Following the acquisition, the chief financial officer now owns 508,709 shares in the company, valued at approximately $712,192.60. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Robert Phelps Morris acquired 72,000 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was bought at an average cost of $1.40 per share, with a total value of $100,800.00. Following the transaction, the chief financial officer now directly owns 508,709 shares in the company, valued at approximately $712,192.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Arc Family Trust sold 50,000 shares of FTC Solar stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $1.37, for a total transaction of $68,500.00. Following the completion of the sale, the insider now owns 11,940,857 shares of the company’s stock, valued at approximately $16,358,974.09. The disclosure for this sale can be found here. Insiders have sold a total of 590,000 shares of company stock worth $1,054,500 over the last quarter. 29.70% of the stock is owned by corporate insiders.

Institutional Trading of FTC Solar

Several hedge funds have recently made changes to their positions in the stock. Mariner LLC bought a new stake in shares of FTC Solar during the fourth quarter valued at approximately $27,000. FMR LLC lifted its holdings in shares of FTC Solar by 873.4% in the first quarter. FMR LLC now owns 11,837 shares of the company’s stock valued at $27,000 after buying an additional 10,621 shares during the period. Iridian Asset Management LLC CT acquired a new stake in FTC Solar in the 1st quarter valued at about $29,000. Allspring Global Investments Holdings LLC boosted its holdings in FTC Solar by 191.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,172 shares of the company’s stock worth $30,000 after buying an additional 8,655 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of FTC Solar during the 2nd quarter worth $33,000. Institutional investors own 33.64% of the company’s stock.

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.