FTC Solar, Inc. (NASDAQ:FTCI) Receives $5.90 Average PT from Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been assigned a consensus recommendation of “Hold” from the six analysts that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, two have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $5.90.

A number of analysts have commented on FTCI shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of FTC Solar in a report on Wednesday, October 8th. TD Cowen boosted their price objective on FTC Solar from $8.00 to $12.50 and gave the stock a “buy” rating in a research note on Thursday. Zacks Research cut FTC Solar from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 21st. Finally, UBS Group reiterated a “neutral” rating and set a $5.50 price target (up from $3.80) on shares of FTC Solar in a report on Monday, August 18th.

Hedge Funds Weigh In On FTC Solar

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in FTC Solar by 18.4% in the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after purchasing an additional 53,391 shares during the last quarter. Jane Street Group LLC acquired a new position in FTC Solar in the 2nd quarter valued at about $79,000. Finally, Goldman Sachs Group Inc. increased its stake in FTC Solar by 81.3% during the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after purchasing an additional 13,715 shares during the period. Hedge funds and other institutional investors own 45.36% of the company’s stock.

FTC Solar Trading Down 5.4%

Shares of FTC Solar stock opened at $10.43 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 1.20. FTC Solar has a twelve month low of $2.13 and a twelve month high of $11.45. The firm has a market capitalization of $155.82 million, a PE ratio of -2.41 and a beta of 1.46. The firm’s 50-day moving average price is $7.98 and its 200 day moving average price is $5.90.

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.