Shares of FTC Solar, Inc. (NASDAQ:FTCI – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $1.04.
A number of research firms have recently issued reports on FTCI. UBS Group dropped their price target on FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research note on Friday, August 9th. TD Cowen dropped their target price on FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research report on Friday, August 9th.
Check Out Our Latest Report on FTC Solar
Insider Activity at FTC Solar
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of FTC Solar in the second quarter valued at $42,000. Mercer Global Advisors Inc. ADV grew its stake in shares of FTC Solar by 527.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after buying an additional 83,334 shares in the last quarter. GSA Capital Partners LLP increased its holdings in shares of FTC Solar by 162.2% in the 1st quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock worth $1,037,000 after buying an additional 1,189,960 shares during the last quarter. Fifth Lane Capital LP raised its position in shares of FTC Solar by 200.0% during the 1st quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock valued at $40,000 after buying an additional 50,000 shares in the last quarter. Finally, TTP Investments Inc. bought a new position in shares of FTC Solar in the 1st quarter valued at about $80,000. Hedge funds and other institutional investors own 45.36% of the company’s stock.
FTC Solar Price Performance
Shares of NASDAQ:FTCI opened at $0.66 on Thursday. FTC Solar has a 1 year low of $0.18 and a 1 year high of $1.36. The company has a market cap of $82.38 million, a P/E ratio of -1.68 and a beta of 1.76. The stock’s fifty day moving average price is $0.41 and its 200-day moving average price is $0.42.
FTC Solar (NASDAQ:FTCI – Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. The firm had revenue of $11.43 million for the quarter, compared to the consensus estimate of $13.09 million. On average, sell-side analysts anticipate that FTC Solar will post -0.3 earnings per share for the current year.
About FTC Solar
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.
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