FTC Solar (NASDAQ:FTCI) CFO Sells $17,990.78 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) CFO Cathy Behnen sold 1,646 shares of the business’s stock in a transaction that occurred on Tuesday, December 30th. The stock was sold at an average price of $10.93, for a total transaction of $17,990.78. Following the completion of the transaction, the chief financial officer owned 143,534 shares of the company’s stock, valued at $1,568,826.62. This trade represents a 1.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

FTC Solar Stock Up 12.1%

Shares of FTCI opened at $12.23 on Friday. The business’s fifty day moving average price is $9.63 and its two-hundred day moving average price is $7.37. The firm has a market capitalization of $182.72 million, a price-to-earnings ratio of -2.82 and a beta of 1.43. FTC Solar, Inc. has a 52 week low of $2.13 and a 52 week high of $12.54. 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 (NASDAQ:FTCI) last released its earnings results on Wednesday, November 12th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.14. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $21.12 million. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 69.25%. On average, analysts predict that FTC Solar, Inc. will post -3.98 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new stake in shares of FTC Solar during the second quarter worth about $79,000. Goldman Sachs Group Inc. raised its holdings in FTC Solar by 81.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after buying an additional 13,715 shares during the period. Finally, Vanguard Group Inc. lifted its stake in FTC Solar by 18.4% in the third quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after buying an additional 53,391 shares in the last quarter. 45.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FTCI shares. Zacks Research upgraded shares of FTC Solar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Roth Capital set a $15.00 target price on shares of FTC Solar in a report on Monday, November 17th. TD Cowen upped their target price on shares of FTC Solar from $8.00 to $12.50 and gave the company a “buy” rating in a research report on Thursday, November 13th. UBS Group restated a “neutral” rating and issued a $10.00 price target (up from $5.50) on shares of FTC Solar in a research report on Tuesday, December 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a report on Monday. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, FTC Solar presently has an average rating of “Hold” and an average price target of $9.20.

About FTC Solar

FTC Solar, Inc (NASDAQ:FTCI) specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants. The company’s tracker solutions are engineered to follow the sun’s path and optimize energy capture, helping customers maximize the performance of their solar assets. In addition to its core mechanical tracker products, FTC Solar offers advanced supervisory control and data acquisition (SCADA) software that enables remote monitoring, predictive maintenance and performance analytics.

Headquartered in Austin, Texas, FTC Solar supports large-scale solar projects across multiple regions, including North America, Latin America, Europe and the Middle East.