FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCIGet Rating) have earned an average recommendation of “Moderate Buy” from the eleven research firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $7.35.

A number of research analysts recently issued reports on the stock. Northland Securities assumed coverage on shares of FTC Solar in a research report on Monday, May 23rd. They set an “outperform” rating and a $7.00 target price for the company. Roth Capital upgraded shares of FTC Solar from a “neutral” rating to a “buy” rating in a research report on Monday, June 6th. Piper Sandler upgraded shares of FTC Solar from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $2.00 to $3.50 in a research report on Tuesday, July 19th. UBS Group upped their price objective on shares of FTC Solar to $8.00 in a research report on Thursday, June 9th. Finally, Raymond James decreased their price objective on shares of FTC Solar from $7.00 to $6.00 and set a “strong-buy” rating for the company in a research report on Tuesday, July 12th.

Insider Buying and Selling

In related news, major shareholder Arc Family Trust sold 50,000 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $4.31, for a total transaction of $215,500.00. Following the completion of the transaction, the insider now owns 18,579,357 shares in the company, valued at approximately $80,077,028.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Patrick Cook sold 8,648 shares of the company’s stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $5.24, for a total transaction of $45,315.52. Following the completion of the sale, the insider now owns 244,843 shares of the company’s stock, valued at approximately $1,282,977.32. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Arc Family Trust sold 50,000 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $4.31, for a total transaction of $215,500.00. Following the sale, the insider now directly owns 18,579,357 shares of the company’s stock, valued at approximately $80,077,028.67. The disclosure for this sale can be found here. Insiders sold a total of 1,218,385 shares of company stock worth $5,380,932 in the last 90 days. Insiders own 44.10% of the company’s stock.

Institutional Trading of FTC Solar

Large investors have recently bought and sold shares of the business. Amalgamated Bank purchased a new stake in FTC Solar during the 1st quarter valued at about $26,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in FTC Solar during the 2nd quarter valued at about $42,000. Cambridge Investment Research Advisors Inc. purchased a new stake in FTC Solar during the 1st quarter valued at about $52,000. Jane Street Group LLC purchased a new stake in FTC Solar during the 1st quarter valued at about $68,000. Finally, Mirabella Financial Services LLP purchased a new stake in FTC Solar during the 1st quarter valued at about $79,000. Hedge funds and other institutional investors own 25.09% of the company’s stock.

FTC Solar Price Performance

Shares of FTCI opened at $4.30 on Friday. The firm has a market capitalization of $437.65 million, a PE ratio of -4.17 and a beta of 3.33. FTC Solar has a 1-year low of $2.12 and a 1-year high of $11.20. The company’s fifty day moving average price is $4.36 and its 200-day moving average price is $4.38.

FTC Solar (NASDAQ:FTCIGet Rating) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.01. The firm had revenue of $30.72 million for the quarter, compared to analyst estimates of $33.28 million. FTC Solar had a negative net margin of 42.67% and a negative return on equity of 66.38%. As a group, research analysts anticipate that FTC Solar will post -0.75 EPS for the current fiscal year.

About FTC Solar

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FTC Solar, Inc provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites.

Further Reading

Analyst Recommendations for FTC Solar (NASDAQ:FTCI)

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