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

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have received an average rating of “Moderate Buy” from the eight brokerages that are presently covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $1.11.

Several equities analysts recently commented on the stock. UBS Group cut their target price on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research note on Friday, August 9th. TD Cowen reduced their target price on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research note on Friday, August 9th.

FTC Solar Stock Performance

FTCI opened at $0.65 on Friday. The firm has a market cap of $81.02 million, a P/E ratio of -1.65 and a beta of 1.53. The business has a 50 day moving average price of $0.35 and a 200 day moving average price of $0.42. FTC Solar has a twelve month low of $0.18 and a twelve month high of $1.49.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. The business had revenue of $11.43 million during the quarter, compared to the consensus estimate of $13.09 million. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. As a group, analysts anticipate that FTC Solar will post -0.32 earnings per share for the current fiscal year.

Insider Buying and Selling at FTC Solar

In related news, Director Cortes Isidoro Alfonso Quiroga acquired 321,337 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average cost of $0.25 per share, with a total value 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. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other FTC Solar news, Director Ahmad R. Chatila purchased 110,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average cost of $0.23 per share, with a total value of $25,300.00. Following the acquisition, the director now directly owns 1,713,046 shares of the company’s stock, valued at approximately $394,000.58. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Cortes Isidoro Alfonso Quiroga acquired 321,337 shares of FTC Solar stock in a transaction 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 purchase, the director now owns 1,941,740 shares of the company’s stock, valued at approximately $485,435. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 1,282,137 shares of company stock valued at $304,558. 23.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FTC Solar

A number of large investors have recently modified their holdings of the stock. Fifth Lane Capital LP raised its position in FTC Solar by 200.0% in the 1st quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after purchasing an additional 50,000 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its position 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 during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of FTC Solar during the second quarter worth $42,000. TTP Investments Inc. acquired a new position in shares of FTC Solar during the first quarter valued at $80,000. Finally, GSA Capital Partners LLP boosted its holdings in FTC Solar by 162.2% in the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after acquiring an additional 1,189,960 shares during the last quarter. 45.36% of the stock is currently 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.