FTC Solar, Inc. (NASDAQ:FTCI) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of FTC Solar, Inc. (NASDAQ:FTCIGet Rating) have received an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $6.17.

Several equities analysts have weighed in on FTCI shares. Northland Securities dropped their target price on shares of FTC Solar to $4.00 in a report on Tuesday, November 15th. Raymond James dropped their target price on shares of FTC Solar from $6.00 to $5.00 and set a “strong-buy” rating for the company in a report on Thursday, November 10th. Piper Sandler dropped their target price on shares of FTC Solar to $2.50 in a report on Wednesday, November 16th. Finally, Credit Suisse Group dropped their target price on shares of FTC Solar to $6.00 in a report on Wednesday, November 16th.

Insiders Place Their Bets

In other FTC Solar news, Director David Springer sold 62,370 shares of the firm’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $3.18, for a total transaction of $198,336.60. Following the sale, the director now directly owns 6,475,418 shares of the company’s stock, valued at approximately $20,591,829.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Arc Family Trust sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $4.27, for a total value of $213,500.00. Following the sale, the insider now directly owns 18,295,357 shares of the company’s stock, valued at $78,121,174.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Springer sold 62,370 shares of the firm’s stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $3.18, for a total transaction of $198,336.60. Following the completion of the sale, the director now directly owns 6,475,418 shares in the company, valued at $20,591,829.24. The disclosure for this sale can be found here. Insiders have sold 1,324,628 shares of company stock valued at $3,872,897 in the last ninety days. Insiders own 44.10% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

Hedge funds have recently modified their holdings of the stock. Amalgamated Bank acquired a new stake in shares of FTC Solar in the first quarter worth approximately $26,000. Petrus Trust Company LTA acquired a new stake in shares of FTC Solar in the third quarter worth approximately $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of FTC Solar in the second quarter worth approximately $42,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of FTC Solar in the first quarter worth approximately $52,000. Finally, UBS Group AG boosted its position in shares of FTC Solar by 41.6% in the third quarter. UBS Group AG now owns 18,462 shares of the company’s stock worth $55,000 after acquiring an additional 5,428 shares during the last quarter. 25.09% of the stock is owned by institutional investors and hedge funds.

FTC Solar Stock Up 9.1 %

Shares of FTCI opened at $2.28 on Friday. The company has a 50-day simple moving average of $2.58 and a 200-day simple moving average of $3.68. The company has a market capitalization of $235.50 million, a PE ratio of -2.19 and a beta of 2.44. FTC Solar has a 52-week low of $1.78 and a 52-week high of $9.05.

FTC Solar (NASDAQ:FTCIGet Rating) last announced its quarterly earnings results on Wednesday, November 9th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The company had revenue of $16.57 million during the quarter, compared to analysts’ expectations of $17.28 million. FTC Solar had a negative net margin of 51.87% and a negative return on equity of 81.67%. On average, research analysts anticipate that FTC Solar will post -0.91 EPS for the current year.

FTC Solar Company Profile

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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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