Analysts Set FTC Solar, Inc. (NASDAQ:FTCI) Target Price at $1.49

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have earned a consensus rating of “Hold” from the seven research firms that are covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $1.49.

Several equities research analysts have recently weighed in on FTCI shares. HC Wainwright lowered their price objective on FTC Solar from $2.50 to $1.50 and set a “buy” rating on the stock in a research note on Thursday, March 14th. Roth Capital cut FTC Solar from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. Finally, Roth Mkm reaffirmed a “neutral” rating and issued a $0.45 target price (down previously from $2.00) on shares of FTC Solar in a report on Thursday, March 14th.

FTC Solar Trading Up 16.4 %

Shares of FTCI stock opened at $0.54 on Thursday. The company has a market capitalization of $68.39 million, a P/E ratio of -1.26 and a beta of 1.62. FTC Solar has a 12 month low of $0.28 and a 12 month high of $3.87. The stock has a 50 day moving average of $0.49 and a two-hundred day moving average of $0.63.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $23.20 million for the quarter, compared to the consensus estimate of $22.80 million. FTC Solar had a negative net margin of 39.60% and a negative return on equity of 59.79%. During the same quarter in the previous year, the company earned ($0.16) earnings per share. Sell-side analysts predict that FTC Solar will post -0.26 earnings per share for the current fiscal year.

Insider Buying and Selling at FTC Solar

In related news, Director Ahmad R. Chatila bought 101,800 shares of FTC Solar stock in a transaction dated Monday, March 18th. The shares were bought at an average cost of $0.49 per share, for a total transaction of $49,882.00. Following the completion of the transaction, the director now owns 684,958 shares of the company’s stock, valued at $335,629.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Ahmad R. Chatila acquired 92,500 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was purchased at an average cost of $0.54 per share, for a total transaction of $49,950.00. Following the completion of the transaction, the director now directly owns 777,458 shares in the company, valued at $419,827.32. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ahmad R. Chatila acquired 101,800 shares of the company’s stock in a transaction on Monday, March 18th. The shares were purchased at an average cost of $0.49 per share, with a total value of $49,882.00. Following the completion of the acquisition, the director now directly owns 684,958 shares in the company, valued at approximately $335,629.42. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 384,300 shares of company stock worth $200,436. 29.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FTC Solar

Several large investors have recently bought and sold shares of FTCI. Electron Capital Partners LLC raised its position in shares of FTC Solar by 109.1% during the 3rd quarter. Electron Capital Partners LLC now owns 4,298,357 shares of the company’s stock valued at $5,502,000 after acquiring an additional 2,242,410 shares during the last quarter. GSA Capital Partners LLP lifted its stake in FTC Solar by 162.2% in the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after buying an additional 1,189,960 shares during the period. Rock Point Advisors LLC boosted its holdings in FTC Solar by 39.8% during the third quarter. Rock Point Advisors LLC now owns 1,679,150 shares of the company’s stock worth $2,149,000 after buying an additional 478,265 shares during the last quarter. Maven Securities LTD bought a new position in FTC Solar during the third quarter worth about $960,000. Finally, Ardsley Advisory Partners LP acquired a new position in shares of FTC Solar during the 3rd quarter worth about $800,000. 45.36% of the stock is currently owned by institutional investors and hedge funds.

About FTC Solar

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.