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

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have received an average rating of “Hold” from the six brokerages that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $14.3750.

FTCI has been the topic of several research analyst reports. Roth Mkm set a $15.00 price objective on FTC Solar in a research report on Monday, November 17th. HC Wainwright reissued a “buy” rating and set a $20.00 target price (up previously from $5.00) on shares of FTC Solar in a research note on Wednesday, January 7th. Zacks Research raised FTC Solar from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. TD Cowen upped their price target on FTC Solar from $8.00 to $12.50 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Finally, UBS Group reissued a “neutral” rating and issued a $10.00 target price (up previously from $5.50) on shares of FTC Solar in a report on Tuesday, December 2nd.

Insider Activity at FTC Solar

In other FTC Solar news, COO Sasan Aminpour sold 3,239 shares of the stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $10.93, for a total transaction of $35,402.27. Following the completion of the transaction, the chief operating officer owned 269,734 shares of the company’s stock, valued at $2,948,192.62. This represents a 1.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Yann Brandt sold 37,775 shares of the firm’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $10.84, for a total value of $409,481.00. Following the transaction, the chief executive officer owned 776,425 shares of the company’s stock, valued at approximately $8,416,447. The trade was a 4.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 142,660 shares of company stock worth $1,360,874 in the last quarter. 21.00% of the stock is owned by company insiders.

Institutional Trading of FTC Solar

Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its holdings in shares of 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 acquiring an additional 13,715 shares in the last quarter. Jane Street Group LLC bought a new stake in FTC Solar in the second quarter worth $79,000. Finally, Vanguard Group Inc. raised its stake in FTC Solar by 18.4% during the third 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 in the last quarter. Institutional investors own 45.36% of the company’s stock.

FTC Solar Price Performance

NASDAQ FTCI opened at $10.73 on Tuesday. The company’s 50 day moving average is $10.57 and its two-hundred day moving average is $8.23. The company has a current ratio of 1.66, a quick ratio of 1.53 and a debt-to-equity ratio of 1.20. The stock has a market cap of $160.31 million, a price-to-earnings ratio of -2.48 and a beta of 1.43. FTC Solar has a 12 month low of $2.13 and a 12 month high of $12.75.

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

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.