FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila Purchases 97,400 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila purchased 97,400 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was bought at an average cost of $0.51 per share, with a total value of $49,674.00. Following the acquisition, the director now owns 967,458 shares of the company’s stock, valued at approximately $493,403.58. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

FTC Solar Stock Performance

FTC Solar stock opened at $0.59 on Thursday. FTC Solar, Inc. has a 12 month low of $0.28 and a 12 month high of $3.87. The business has a 50 day simple moving average of $0.53 and a 200-day simple moving average of $0.79.

FTC Solar (NASDAQ:FTCI) last released its earnings results on Wednesday, March 13th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. FTC Solar had a negative net margin of 39.60% and a negative return on equity of 59.79%. The business had revenue of $23.20 million during the quarter, compared to analysts’ expectations of $22.80 million. During the same quarter in the previous year, the company earned ($0.16) earnings per share. As a group, research analysts anticipate that FTC Solar, Inc. will post -0.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on FTCI. HC Wainwright decreased their target price on FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a report on Thursday, March 14th. Roth Mkm restated a “neutral” rating and set a $0.45 target price (down from $2.00) on shares of FTC Solar in a research report on Thursday, March 14th. Roth Capital downgraded FTC Solar from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Finally, Northland Securities upped their target price on FTC Solar from $0.65 to $1.00 and gave the stock a “market perform” rating in a research note on Friday, December 15th. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $1.49.

Institutional Trading of FTC Solar

Institutional investors have recently made changes to their positions in the company. Maven Securities LTD purchased a new position in FTC Solar in the 3rd quarter valued at $960,000. Graham Capital Management L.P. grew its stake in FTC Solar by 225.7% during the 3rd quarter. Graham Capital Management L.P. now owns 217,061 shares of the company’s stock valued at $278,000 after acquiring an additional 150,407 shares in the last quarter. Prelude Capital Management LLC raised its holdings in FTC Solar by 11.9% in the 2nd quarter. Prelude Capital Management LLC now owns 153,553 shares of the company’s stock valued at $494,000 after acquiring an additional 16,355 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in FTC Solar by 165.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 127,859 shares of the company’s stock worth $164,000 after purchasing an additional 79,695 shares in the last quarter. Finally, Legato Capital Management LLC acquired a new position in shares of FTC Solar during the 3rd quarter worth approximately $285,000. 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.