FTC Solar (NASDAQ:FTCI) Stock Price Down 3.2% – What’s Next?

FTC Solar, Inc. (NASDAQ:FTCI)’s share price traded down 3.2% on Tuesday . The stock traded as low as $9.02 and last traded at $9.19. 40,733 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 74,794 shares. The stock had previously closed at $9.49.

Analyst Ratings Changes

Several analysts have commented on the company. Roth Mkm set a $15.00 price objective on FTC Solar in a report on Monday, November 17th. TD Cowen increased their target price on FTC Solar from $8.00 to $12.50 and gave the company a “buy” rating in a research report on Thursday, November 13th. HC Wainwright reissued a “buy” rating and issued a $20.00 price target (up previously from $5.00) on shares of FTC Solar in a research note on Wednesday, January 7th. Zacks Research upgraded shares of FTC Solar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Finally, UBS Group restated a “neutral” rating and set a $10.00 price target (up previously from $5.50) on shares of FTC Solar in a research report on Tuesday, December 2nd. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.38.

FTC Solar Price Performance

The company has a debt-to-equity ratio of 1.20, a current ratio of 1.66 and a quick ratio of 1.53. The stock has a 50 day simple moving average of $10.86 and a two-hundred day simple moving average of $8.76. The company has a market cap of $137.30 million, a price-to-earnings ratio of -2.12 and a beta of 1.43.

Insider Buying and Selling

In other FTC Solar news, Director Anthony Carroll acquired 10,638 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were purchased at an average cost of $9.53 per share, for a total transaction of $101,380.14. Following the completion of the acquisition, the director owned 24,205 shares of the company’s stock, valued at approximately $230,673.65. The trade was a 78.41% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Sasan Aminpour sold 3,239 shares of the stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $10.93, for a total value of $35,402.27. Following the transaction, the chief operating officer owned 269,734 shares of the company’s stock, valued at approximately $2,948,192.62. This represents a 1.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 42,660 shares of company stock worth $462,874. Insiders own 21.00% of the company’s stock.

Institutional Trading of FTC Solar

Several hedge funds have recently modified their holdings of the stock. Walleye Capital LLC acquired a new position in FTC Solar during the 4th quarter worth $1,482,000. Informed Momentum Co LLC purchased a new position in shares of FTC Solar in the 4th quarter valued at about $836,000. Marshall Wace LLP acquired a new position in shares of FTC Solar during the fourth quarter worth about $762,000. Captrust Financial Advisors purchased a new stake in shares of FTC Solar during the fourth quarter worth approximately $745,000. Finally, Vanguard Group Inc. raised its holdings 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 acquiring an additional 53,391 shares in the last quarter. 45.36% of the stock is currently owned by institutional investors and hedge funds.

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.