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

FTC Solar, Inc. (NASDAQ:FTCI) has been assigned a consensus recommendation of “Hold” from the six research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $12.50.

Several brokerages recently weighed in on FTCI. Wall Street Zen raised FTC Solar from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research report on Friday, March 27th. Finally, TD Cowen cut their price target on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th.

FTC Solar Price Performance

Shares of NASDAQ:FTCI opened at $4.56 on Friday. The firm has a market capitalization of $72.96 million, a price-to-earnings ratio of -0.79 and a beta of 1.81. The business’s 50 day simple moving average is $4.78 and its 200-day simple moving average is $7.10. FTC Solar has a 12 month low of $3.20 and a 12 month high of $12.75.

FTC Solar (NASDAQ:FTCI) last released its earnings results on Tuesday, May 5th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.26). FTC Solar had a negative net margin of 42.12% and a negative return on equity of 549.96%. The firm had revenue of $17.27 million during the quarter, compared to analysts’ expectations of $24.26 million. On average, equities analysts anticipate that FTC Solar will post -1.56 earnings per share for the current year.

Insider Buying and Selling

In other FTC Solar news, Director Shaker Sadasivam purchased 27,025 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were purchased at an average price of $3.70 per share, for a total transaction of $99,992.50. Following the completion of the acquisition, the director owned 81,508 shares of the company’s stock, valued at approximately $301,579.60. This represents a 49.60% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased a total of 36,775 shares of company stock valued at $134,810 in the last 90 days. Company insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Laurel Oak Wealth Management LLC purchased a new position in FTC Solar in the first quarter valued at about $60,000. Jane Street Group LLC purchased a new stake in shares of FTC Solar during the second quarter valued at approximately $79,000. Goldman Sachs Group Inc. raised its stake in shares of FTC Solar by 81.3% during the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after purchasing an additional 13,715 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in shares of FTC Solar during the fourth quarter valued at approximately $109,000. Finally, Hudson Bay Capital Management LP purchased a new stake in shares of FTC Solar during the fourth quarter valued at approximately $135,000. 45.36% of the stock is owned by hedge funds and other institutional investors.

About FTC Solar

FTC Solar, Inc (NASDAQ:FTCI) specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants. The company’s tracker solutions are engineered to follow the sun’s path and optimize energy capture, helping customers maximize the performance of their solar assets. In addition to its core mechanical tracker products, FTC Solar offers advanced supervisory control and data acquisition (SCADA) software that enables remote monitoring, predictive maintenance and performance analytics.

Headquartered in Austin, Texas, FTC Solar supports large-scale solar projects across multiple regions, including North America, Latin America, Europe and the Middle East.