Brokerages Set FTC Solar, Inc. (NASDAQ:FTCI) Target Price at $12.50

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have received a consensus recommendation of “Hold” from the six research firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $12.50.

A number of brokerages have recently issued reports on FTCI. Wall Street Zen raised shares of FTC Solar from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. TD Cowen cut their price target on FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th.

Insider Buying and Selling at FTC Solar

In other FTC Solar news, Director Shaker Sadasivam bought 27,025 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average price of $3.70 per share, for a total transaction of $99,992.50. Following the completion of the transaction, the director owned 81,508 shares of the company’s stock, valued at $301,579.60. This trade represents a 49.60% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders bought a total of 36,775 shares of company stock valued at $134,810 over the last three months. Corporate insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Laurel Oak Wealth Management LLC bought a new stake in shares of FTC Solar during the first quarter valued at approximately $60,000. Jane Street Group LLC purchased a new stake in FTC Solar in the 2nd quarter worth $79,000. Goldman Sachs Group Inc. lifted its stake in FTC Solar by 81.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after purchasing an additional 13,715 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of FTC Solar during the 4th quarter valued at about $109,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of FTC Solar during the fourth quarter valued at about $135,000. 45.36% of the stock is currently owned by institutional investors.

FTC Solar Trading Down 2.0%

Shares of FTCI stock opened at $3.46 on Tuesday. The stock has a market cap of $55.36 million, a P/E ratio of -0.60 and a beta of 1.80. FTC Solar has a 12 month low of $3.20 and a 12 month high of $12.75. The company has a 50 day simple moving average of $4.79 and a two-hundred day simple moving average of $6.26.

FTC Solar (NASDAQ:FTCI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.26). The company had revenue of $17.27 million during the quarter, compared to the consensus estimate of $24.26 million. As a group, equities analysts forecast that FTC Solar will post -1.61 earnings per share for the current year.

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.