FTC Solar, Inc. (NASDAQ:FTCI) Stock Position Decreased by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. trimmed its position in shares of FTC Solar, Inc. (NASDAQ:FTCI) by 31.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 88,194 shares of the company’s stock after selling 39,665 shares during the quarter. Raymond James Financial Services Advisors Inc. owned approximately 0.07% of FTC Solar worth $61,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in FTCI. SG Americas Securities LLC bought a new position in FTC Solar during the fourth quarter valued at about $35,000. Connors Investor Services Inc. bought a new position in shares of FTC Solar in the 3rd quarter valued at approximately $64,000. Graham Capital Management L.P. lifted its holdings in FTC Solar by 225.7% in the 3rd quarter. Graham Capital Management L.P. now owns 217,061 shares of the company’s stock worth $278,000 after purchasing an additional 150,407 shares during the last quarter. Essex Investment Management Co. LLC acquired a new stake in FTC Solar in the 3rd quarter worth approximately $756,000. Finally, Ardsley Advisory Partners LP bought a new stake in FTC Solar during the third quarter worth approximately $800,000. Institutional investors own 45.36% of the company’s stock.

Insiders Place Their Bets

In related news, insider Patrick Cook sold 48,911 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $0.53, for a total value of $25,922.83. Following the completion of the transaction, the insider now directly owns 1,245,205 shares in the company, valued at $659,958.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Patrick Cook sold 48,911 shares of FTC Solar stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $0.53, for a total transaction of $25,922.83. Following the sale, the insider now directly owns 1,245,205 shares in the company, valued at approximately $659,958.65. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ahmad R. Chatila purchased 97,400 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The stock was acquired at an average cost of $0.51 per share, with a total value of $49,674.00. Following the transaction, the director now directly owns 967,458 shares of the company’s stock, valued at $493,403.58. The disclosure for this purchase can be found here. In the last quarter, insiders bought 384,300 shares of company stock worth $200,436. 29.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FTCI. Roth Mkm reaffirmed a “neutral” rating and set a $0.45 price objective (down from $2.00) on shares of FTC Solar in a report on Thursday, March 14th. Roth Capital lowered FTC Solar from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. Finally, HC Wainwright decreased their target price on FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a research note on Thursday, March 14th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, FTC Solar has an average rating of “Hold” and a consensus target price of $1.49.

FTC Solar Price Performance

Shares of FTC Solar stock opened at $0.43 on Friday. The firm has a fifty day moving average price of $0.49 and a two-hundred day moving average price of $0.67. FTC Solar, Inc. has a fifty-two week low of $0.28 and a fifty-two week high of $3.87. The company has a market cap of $53.62 million, a PE ratio of -1.00 and a beta of 1.62.

FTC Solar (NASDAQ:FTCI) last released its earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $23.20 million during the quarter, compared to analysts’ expectations of $22.80 million. During the same quarter last year, the company earned ($0.16) earnings per share. Analysts expect that FTC Solar, Inc. will post -0.26 earnings per share 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.