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

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been assigned an average rating of “Hold” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $0.85.

Several equities analysts have commented on the stock. UBS Group decreased their target price on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a report on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $1.50 price objective on shares of FTC Solar in a research note on Wednesday, November 13th. Finally, TD Cowen lowered their price target on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a report on Friday, August 9th.

FTC Solar Stock Down 4.2 %

FTC Solar stock opened at $0.42 on Monday. FTC Solar has a twelve month low of $0.18 and a twelve month high of $1.00. The stock has a market cap of $53.88 million, a P/E ratio of -1.11 and a beta of 1.79. The company’s 50-day moving average price is $0.52 and its two-hundred day moving average price is $0.44.

Insider Activity

In other news, Director Ahmad R. Chatila bought 110,000 shares of FTC Solar stock in a transaction dated Wednesday, September 4th. The stock was purchased at an average price of $0.23 per share, for a total transaction of $25,300.00. Following the purchase, the director now directly owns 1,713,046 shares in the company, valued at $394,000.58. The trade was a 6.86 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought a total of 448,000 shares of company stock worth $100,280 in the last three months. Company insiders own 22.60% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in FTC Solar by 9.2% during the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock valued at $522,000 after purchasing an additional 64,325 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in FTC Solar in the 2nd quarter worth approximately $42,000. XTX Topco Ltd bought a new position in FTC Solar during the third quarter valued at approximately $81,000. Finally, Mercer Global Advisors Inc. ADV raised its stake in shares of FTC Solar by 527.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after acquiring an additional 83,334 shares in the last quarter. Institutional investors own 45.36% of the company’s stock.

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.