FTC Solar (NASDAQ:FTCI) Shares Down 2.9% – Here’s Why

FTC Solar, Inc. (NASDAQ:FTCI)’s stock price traded down 2.9% during mid-day trading on Wednesday . The stock traded as low as $2.62 and last traded at $2.64. 23,795 shares were traded during trading, a decline of 91% from the average session volume of 255,183 shares. The stock had previously closed at $2.72.

FTC Solar Stock Down 2.9 %

The business has a 50-day moving average of $3.32 and a 200-day moving average of $4.15. The stock has a market cap of $33.93 million, a price-to-earnings ratio of -0.69 and a beta of 1.26.

Hedge Funds Weigh In On FTC Solar

A hedge fund recently raised its stake in FTC Solar stock. Geode Capital Management LLC lifted its holdings in shares of FTC Solar, Inc. (NASDAQ:FTCI) by 9.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 766,863 shares of the company’s stock after purchasing an additional 64,325 shares during the quarter. Geode Capital Management LLC owned approximately 0.60% of FTC Solar worth $522,000 as of its most recent SEC filing. 45.36% of the stock is owned by institutional investors and hedge funds.

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.