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

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have received a consensus recommendation of “Hold” from the six analysts that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $14.3750.

Several equities research analysts recently commented on the company. UBS Group reaffirmed a “neutral” rating and set a $10.00 price objective (up from $5.50) on shares of FTC Solar in a research report on Tuesday, December 2nd. HC Wainwright reaffirmed a “buy” rating and set a $20.00 price target (up previously from $5.00) on shares of FTC Solar in a report on Wednesday, January 7th. Zacks Research raised shares of FTC Solar from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, December 29th. Finally, TD Cowen raised their target price on shares of FTC Solar from $8.00 to $12.50 and gave the stock a “buy” rating in a report on Thursday, November 13th.

FTC Solar Stock Performance

Shares of FTCI opened at $8.19 on Friday. The company has a market cap of $122.36 million, a price-to-earnings ratio of -1.89 and a beta of 1.43. The business’s fifty day simple moving average is $10.78 and its two-hundred day simple moving average is $8.77. FTC Solar has a 12 month low of $2.13 and a 12 month high of $12.75. The company has a current ratio of 1.66, a quick ratio of 1.53 and a debt-to-equity ratio of 1.20.

Insider Transactions at FTC Solar

In other news, Director Anthony Carroll bought 10,638 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were acquired at an average cost of $9.53 per share, with a total value of $101,380.14. Following the completion of the transaction, the director owned 24,205 shares of the company’s stock, valued at approximately $230,673.65. This trade represents a 78.41% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Yann Brandt sold 37,775 shares of the company’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $10.84, for a total transaction of $409,481.00. Following the sale, the chief executive officer directly owned 776,425 shares of the company’s stock, valued at $8,416,447. The trade was a 4.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 42,660 shares of company stock worth $462,874 in the last ninety days. Insiders own 21.00% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

Institutional investors and hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its holdings in 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 buying an additional 13,715 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of FTC Solar during the 2nd quarter valued at $79,000. Vanguard Group Inc. grew its position in shares of FTC Solar by 18.4% during the 3rd 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 during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of FTC Solar in the 4th quarter worth $296,000. Finally, Geode Capital Management LLC raised its holdings in FTC Solar by 8.2% in the 4th 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. Hedge funds and other institutional investors own 45.36% of the company’s stock.

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.