FTC Solar (NASDAQ:FTCI) Earns “Buy” Rating from HC Wainwright

FTC Solar (NASDAQ:FTCI)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They currently have a $1.50 price objective on the stock. HC Wainwright’s price target points to a potential upside of 240.83% from the company’s previous close.

A number of other research analysts have also recently weighed in on FTCI. TD Cowen reduced their price target on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. UBS Group reduced their price target on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $0.85.

FTC Solar Stock Performance

FTC Solar stock opened at $0.44 on Wednesday. FTC Solar has a 1 year low of $0.18 and a 1 year high of $1.00. The firm has a 50 day moving average price of $0.51 and a 200 day moving average price of $0.44. The company has a market cap of $56.21 million, a price-to-earnings ratio of -1.16 and a beta of 1.79.

Insider Transactions at FTC Solar

In other news, Director Ahmad R. Chatila bought 110,000 shares of FTC Solar stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average cost of $0.23 per share, with a total value of $25,300.00. Following the completion of the transaction, the director now owns 1,713,046 shares in the company, valued at approximately $394,000.58. This trade represents a 6.86 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have bought 548,000 shares of company stock valued at $125,280. Corporate insiders own 22.60% of the company’s stock.

Institutional Trading of FTC Solar

A hedge fund recently raised its stake in FTC Solar stock. Mercer Global Advisors Inc. ADV increased its stake in FTC Solar, Inc. (NASDAQ:FTCI) by 527.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,120 shares of the company’s stock after buying an additional 83,334 shares during the period. Mercer Global Advisors Inc. ADV owned about 0.08% of FTC Solar worth $35,000 at the end of the most recent reporting period. 45.36% of the stock is currently owned by institutional investors.

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.