FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Recommendation of “Hold” from Brokerages

FTC Solar, Inc. (NASDAQ:FTCI) has been given a consensus rating of “Hold” by the seven research firms that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $9.20.

A number of brokerages have commented on FTCI. Roth Capital set a $15.00 price target on shares of FTC Solar in a research report on Monday, November 17th. TD Cowen boosted their price objective on FTC Solar from $8.00 to $12.50 and gave the company a “buy” rating in a research note on Thursday, November 13th. Zacks Research raised FTC Solar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. UBS Group reiterated a “neutral” rating and issued a $10.00 target price (up from $5.50) on shares of FTC Solar in a report on Tuesday, December 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a research note on Monday, December 1st.

Insider Activity

In other FTC Solar news, Director David Springer sold 100,000 shares of the firm’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $8.98, for a total value of $898,000.00. Following the completion of the sale, the director directly owned 689,222 shares in the company, valued at approximately $6,189,213.56. This trade represents a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 21.00% of the stock is owned by insiders.

Hedge Funds Weigh In On FTC Solar

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

FTC Solar Stock Performance

NASDAQ:FTCI opened at $9.32 on Monday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.53 and a current ratio of 1.66. FTC Solar has a fifty-two week low of $2.13 and a fifty-two week high of $11.45. The company has a 50 day simple moving average of $8.61 and a two-hundred day simple moving average of $6.51. The company has a market capitalization of $139.24 million, a PE ratio of -2.15 and a beta of 1.45.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.14. FTC Solar had a negative net margin of 69.25% and a negative return on equity of 549.96%. The company had revenue of $26.03 million for the quarter, compared to analyst estimates of $21.12 million. Research analysts anticipate that FTC Solar will post -3.98 earnings per share for the current year.

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.