UBS Group Cuts FTC Solar (NASDAQ:FTCI) Price Target to $3.50

FTC Solar (NASDAQ:FTCI) had its price target lowered by UBS Group from $4.00 to $3.50 in a research report released on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Separately, Roth Mkm upped their price objective on FTC Solar from $0.50 to $3.00 and gave the company a “neutral” rating in a research report on Tuesday.

FTC Solar Trading Down 12.9 %

Shares of FTCI opened at $2.57 on Wednesday. The firm has a fifty day simple moving average of $3.13 and a two-hundred day simple moving average of $4.13. The firm has a market cap of $33.03 million, a PE ratio of -0.68 and a beta of 1.26. FTC Solar has a 1-year low of $1.76 and a 1-year high of $7.40.

Insider Buying and Selling at FTC Solar

In related news, Director Ahmad R. Chatila purchased 16,740 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was acquired at an average price of $2.93 per share, with a total value of $49,048.20. Following the completion of the acquisition, the director now owns 1,984,708 shares of the company’s stock, valued at approximately $5,815,194.44. This trade represents a 0.85 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 22.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in FTC Solar stock. Geode Capital Management LLC boosted its position in shares of FTC Solar, Inc. (NASDAQ:FTCI) by 9.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 766,863 shares of the company’s stock after acquiring an additional 64,325 shares during the period. Geode Capital Management LLC owned 0.60% of FTC Solar worth $522,000 at the end of the most recent quarter. Institutional investors own 45.36% 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.