FTC Solar, Inc. (NASDAQ:FTCI) Given Consensus Recommendation of “Hold” by Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been given an average rating of “Hold” by the six analysts that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $13.25.

Several brokerages have recently weighed in on FTCI. TD Cowen decreased their price objective on FTC Solar from $12.50 to $8.00 and set a “buy” rating for the company in a report on Friday, March 6th. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a report on Friday, March 27th. Wall Street Zen cut FTC Solar from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. Finally, HC Wainwright restated a “buy” rating and issued a $20.00 price objective (up from $5.00) on shares of FTC Solar in a report on Wednesday, January 7th.

Hedge Funds Weigh In On FTC Solar

Several hedge funds have recently modified their holdings of FTCI. Goldman Sachs Group Inc. grew its holdings in shares of FTC Solar by 81.3% in the 1st 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. Jane Street Group LLC bought a new position in FTC Solar during the second quarter worth about $79,000. Vanguard Group Inc. grew its holdings in 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. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in FTC Solar during the fourth quarter worth about $296,000. Finally, Geode Capital Management LLC grew its holdings in FTC Solar by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock worth $1,226,000 after purchasing an additional 8,518 shares during the period. Institutional investors own 45.36% of the company’s stock.

FTC Solar Price Performance

Shares of NASDAQ FTCI opened at $3.54 on Friday. The stock has a market capitalization of $55.19 million, a price-to-earnings ratio of -0.63 and a beta of 1.68. The business has a 50-day moving average of $6.34 and a 200-day moving average of $8.49. FTC Solar has a fifty-two week low of $2.49 and a fifty-two week high of $12.75.

FTC Solar Company Profile

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.