Rock Point Advisors LLC Cuts Stock Position in FTC Solar, Inc. (NASDAQ:FTCI)

Rock Point Advisors LLC decreased its holdings in shares of FTC Solar, Inc. (NASDAQ:FTCI) by 39.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 386,079 shares of the company’s stock after selling 256,456 shares during the quarter. Rock Point Advisors LLC owned about 0.31% of FTC Solar worth $136,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. GSA Capital Partners LLP increased its holdings in shares of FTC Solar by 162.2% in the 1st quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock worth $1,037,000 after buying an additional 1,189,960 shares during the last quarter. Fifth Lane Capital LP increased its stake in FTC Solar by 200.0% during the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after acquiring an additional 50,000 shares during the last quarter. Finally, TTP Investments Inc. purchased a new stake in FTC Solar during the first quarter valued at approximately $80,000. Institutional investors own 45.36% of the company’s stock.

FTC Solar Stock Performance

Shares of NASDAQ FTCI opened at $0.38 on Friday. The business’s 50 day moving average price is $0.32 and its 200-day moving average price is $0.42. FTC Solar, Inc. has a fifty-two week low of $0.18 and a fifty-two week high of $1.57. The company has a market cap of $47.78 million, a price-to-earnings ratio of -0.96 and a beta of 1.53.

FTC Solar (NASDAQ:FTCI) last released its earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. FTC Solar had a negative return on equity of 75.67% and a negative net margin of 63.17%. The business had revenue of $11.43 million for the quarter, compared to analyst estimates of $13.09 million. Sell-side analysts predict that FTC Solar, Inc. will post -0.32 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on FTCI shares. TD Cowen dropped their target price on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a report on Friday, August 9th. UBS Group dropped their price objective on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research note on Friday, August 9th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1.11.

Insider Buying and Selling

In related news, Director Ahmad R. Chatila acquired 238,000 shares of the stock in a transaction on Friday, September 6th. The stock was bought at an average cost of $0.21 per share, with a total value of $49,980.00. Following the transaction, the director now directly owns 1,951,046 shares in the company, valued at $409,719.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Ahmad R. Chatila acquired 238,000 shares of FTC Solar stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $0.21 per share, for a total transaction of $49,980.00. Following the acquisition, the director now directly owns 1,951,046 shares of the company’s stock, valued at approximately $409,719.66. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ahmad R. Chatila bought 212,800 shares of the stock in a transaction on Monday, August 12th. The stock was purchased at an average price of $0.23 per share, with a total value of $48,944.00. Following the completion of the acquisition, the director now directly owns 1,403,046 shares in the company, valued at approximately $322,700.58. The disclosure for this purchase can be found here. Insiders have purchased 1,282,137 shares of company stock valued at $304,558 in the last 90 days. Company insiders own 23.10% of the company’s stock.

About FTC Solar

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.