FTC Solar, Inc. (NASDAQ:FTCI) Receives $14.38 Consensus Price Target from Brokerages

FTC Solar, Inc. (NASDAQ:FTCI) has been given a consensus rating of “Hold” by the six analysts that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $14.3750.

A number of research firms have commented on FTCI. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, December 29th. TD Cowen lifted their target price on shares of FTC Solar from $8.00 to $12.50 and gave the stock a “buy” rating in a report on Thursday, November 13th. Zacks Research upgraded shares of FTC Solar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Roth Mkm set a $15.00 price objective on shares of FTC Solar in a research report on Monday, November 17th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price (up previously from $5.00) on shares of FTC Solar in a research report on Wednesday, January 7th.

FTC Solar Stock Performance

Shares of FTCI opened at $10.38 on Tuesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.66 and a quick ratio of 1.53. The firm has a 50-day moving average of $10.75 and a 200-day moving average of $8.37. The company has a market cap of $155.08 million, a PE ratio of -2.40 and a beta of 1.43. FTC Solar has a one year low of $2.13 and a one year high of $12.75.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.14. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 69.25%.The business had revenue of $26.03 million during the quarter, compared to analysts’ expectations of $21.12 million. As a group, equities analysts forecast that FTC Solar will post -3.98 earnings per share for the current year.

Insider Transactions at FTC Solar

In other news, CEO Yann Brandt sold 37,775 shares of the business’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $10.84, for a total value of $409,481.00. Following the completion of the sale, the chief executive officer owned 776,425 shares of the company’s stock, valued at approximately $8,416,447. The trade was a 4.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Sasan Aminpour sold 3,239 shares of the firm’s stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $10.93, for a total transaction of $35,402.27. Following the transaction, the chief operating officer directly owned 269,734 shares in the company, valued at approximately $2,948,192.62. This represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 142,660 shares of company stock valued at $1,360,874. Corporate insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FTCI. Jane Street Group LLC bought a new stake in shares of FTC Solar in the second quarter valued at approximately $79,000. Goldman Sachs Group Inc. raised its holdings in FTC Solar by 81.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after acquiring an additional 13,715 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in FTC Solar by 18.4% in the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after acquiring an additional 53,391 shares in the last quarter. 45.36% of the stock is owned by 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.