FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCI) 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.

Insider Activity at FTC Solar

In related news, Director Cortes Isidoro Alfonso Quiroga acquired 321,337 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were purchased at an average price of $0.25 per share, with a total value of $80,334.25. Following the completion of the purchase, the director now directly owns 1,941,740 shares of the company’s stock, valued at $485,435. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other FTC Solar news, Director Ahmad R. Chatila bought 110,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were bought at an average price of $0.23 per share, with a total value of $25,300.00. Following the purchase, the director now owns 1,713,046 shares of the company’s stock, valued at $394,000.58. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Cortes Isidoro Alfonso Quiroga purchased 321,337 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was acquired at an average cost of $0.25 per share, for a total transaction of $80,334.25. Following the completion of the acquisition, the director now owns 1,941,740 shares in the company, valued at $485,435. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 1,282,137 shares of company stock worth $304,558. Corporate insiders own 23.10% of the company’s stock.

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) 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.