FTC Solar, Inc. (NASDAQ:FTCI) Receives $13.25 Consensus Target Price from Analysts

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

Several equities analysts have recently issued reports on the stock. TD Cowen decreased their price target on shares of FTC Solar from $12.50 to $8.00 and set a “buy” rating for the company in a report on Friday, March 6th. 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 note on Tuesday, December 2nd. HC Wainwright reiterated a “buy” rating and set a $20.00 target price (up from $5.00) on shares of FTC Solar in a report on Wednesday, January 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a research note on Monday, December 29th.

Insider Activity

In related news, CEO Yann Brandt sold 37,775 shares of the business’s stock in a transaction that occurred on Tuesday, December 30th. The stock was sold at an average price of $10.84, for a total value of $409,481.00. Following the completion of the transaction, the chief executive officer directly owned 776,425 shares in the company, valued at approximately $8,416,447. The trade was a 4.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Sasan Aminpour sold 3,239 shares of the stock in a transaction that occurred 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 sale, the chief operating officer directly owned 269,734 shares of the company’s stock, valued at approximately $2,948,192.62. The trade was a 1.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,660 shares of company stock worth $462,874 in the last quarter. 21.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FTCI. Jane Street Group LLC bought a new stake in shares of FTC Solar during the second quarter worth $79,000. Goldman Sachs Group Inc. lifted its position in 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. Mercer Global Advisors Inc. ADV acquired a new position in FTC Solar in the 4th quarter worth $109,000. Hudson Bay Capital Management LP acquired a new position in FTC Solar in the 4th quarter worth $135,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in FTC Solar during the 4th quarter worth about $296,000. Institutional investors and hedge funds own 45.36% of the company’s stock.

FTC Solar Stock Up 6.7%

Shares of NASDAQ FTCI opened at $4.63 on Wednesday. FTC Solar has a 52-week low of $2.13 and a 52-week high of $12.75. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.53 and a current ratio of 1.66. The stock has a market cap of $69.17 million, a P/E ratio of -0.83 and a beta of 1.48. The firm has a 50 day moving average price of $8.59 and a 200 day moving average price of $8.77.

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.