FTC Solar (NASDAQ:FTCI) Director Shaker Sadasivam Acquires 33,290 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam acquired 33,290 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was purchased at an average price of $2.19 per share, for a total transaction of $72,905.10. Following the completion of the acquisition, the director owned 114,798 shares in the company, valued at $251,407.62. The trade was a 40.84% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

FTC Solar Price Performance

Shares of FTC Solar stock opened at $2.55 on Friday. The stock has a market capitalization of $42.13 million, a P/E ratio of -0.41 and a beta of 1.87. The business has a 50 day simple moving average of $3.57 and a two-hundred day simple moving average of $4.70. FTC Solar, Inc. has a 12 month low of $1.99 and a 12 month high of $12.75.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FTCI shares. Wall Street Zen lowered FTC Solar from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. TD Cowen reduced their price objective on FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a research note on Wednesday, June 24th. Finally, Roth Capital set a $7.00 target price on FTC Solar and gave the company a “buy” rating in a report on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.50.

Institutional Trading of FTC Solar

A number of institutional investors and hedge funds have recently bought and sold shares of FTCI. Mercer Global Advisors Inc. ADV purchased a new position in shares of FTC Solar in the fourth quarter valued at approximately $109,000. Hudson Bay Capital Management LP acquired a new position in shares of FTC Solar in the fourth quarter valued at approximately $135,000. Jane Street Group LLC purchased a new stake in FTC Solar during the 4th quarter worth approximately $135,000. Laurel Oak Wealth Management LLC purchased a new stake in FTC Solar during the 1st quarter worth approximately $60,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in FTC Solar during the 4th quarter worth approximately $296,000. 45.36% of the stock is currently 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.