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

FTC Solar, Inc. (NASDAQ:FTCI) has received a consensus rating of “Hold” from the seven brokerages that are currently covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $1.49.

Several equities research analysts recently commented on the stock. Northland Securities upped their price target on shares of FTC Solar from $0.65 to $1.00 and gave the company a “market perform” rating in a research report on Friday, December 15th. Roth Capital lowered FTC Solar from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. Roth Mkm reiterated a “neutral” rating and set a $0.45 price target (down previously from $2.00) on shares of FTC Solar in a report on Thursday, March 14th. Finally, HC Wainwright dropped their price objective on shares of FTC Solar from $2.50 to $1.50 and set a “buy” rating on the stock in a research note on Thursday, March 14th.

Insiders Place Their Bets

In other news, Director Ahmad R. Chatila purchased 92,600 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were bought at an average price of $0.55 per share, with a total value of $50,930.00. Following the completion of the transaction, the director now directly owns 870,058 shares in the company, valued at approximately $478,531.90. The purchase was disclosed in a filing with the SEC, which is available through this link. In other FTC Solar news, Director Ahmad R. Chatila bought 101,800 shares of the stock in a transaction on Monday, March 18th. The shares were purchased at an average price of $0.49 per share, with a total value of $49,882.00. Following the acquisition, the director now directly owns 684,958 shares of the company’s stock, valued at approximately $335,629.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ahmad R. Chatila purchased 92,600 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were acquired at an average price of $0.55 per share, with a total value of $50,930.00. Following the completion of the acquisition, the director now owns 870,058 shares of the company’s stock, valued at $478,531.90. The disclosure for this purchase can be found here. Insiders have acquired 384,300 shares of company stock valued at $200,436 over the last three months. 29.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On FTC Solar

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mariner LLC bought a new stake in FTC Solar in the 4th quarter valued at $27,000. FMR LLC increased its position in shares of FTC Solar by 873.4% during the first quarter. FMR LLC now owns 11,837 shares of the company’s stock valued at $27,000 after purchasing an additional 10,621 shares during the period. State of Wyoming acquired a new position in shares of FTC Solar in the second quarter valued at $33,000. OLD Mission Capital LLC lifted its position in FTC Solar by 120.7% in the fourth quarter. OLD Mission Capital LLC now owns 49,005 shares of the company’s stock worth $34,000 after purchasing an additional 26,803 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in FTC Solar during the fourth quarter worth $35,000. Institutional investors own 45.36% of the company’s stock.

FTC Solar Stock Up 2.4 %

Shares of NASDAQ FTCI opened at $0.55 on Friday. FTC Solar has a 12 month low of $0.28 and a 12 month high of $3.87. The company has a market cap of $69.01 million, a price-to-earnings ratio of -1.28 and a beta of 1.62. The business has a fifty day simple moving average of $0.53 and a 200-day simple moving average of $0.75.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings data on Wednesday, March 13th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. FTC Solar had a negative net margin of 39.60% and a negative return on equity of 59.79%. The company had revenue of $23.20 million during the quarter, compared to analyst estimates of $22.80 million. During the same period in the prior year, the firm earned ($0.16) earnings per share. As a group, sell-side analysts expect that FTC Solar will post -0.24 EPS for the current fiscal year.

FTC Solar Company Profile

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.