FTC Solar (NASDAQ:FTCI) PT Lowered to $1.00 at TD Cowen

FTC Solar (NASDAQ:FTCI) had its price objective cut by research analysts at TD Cowen from $1.50 to $1.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 307.83% from the stock’s current price.

Several other analysts have also recently issued reports on the stock. UBS Group lowered their target price on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research note on Friday. HC Wainwright restated a “buy” rating and set a $1.50 target price on shares of FTC Solar in a research report on Monday, May 13th. Five investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1.11.

FTC Solar Price Performance

NASDAQ:FTCI traded down $0.01 on Friday, reaching $0.25. 868,359 shares of the company’s stock were exchanged, compared to its average volume of 696,409. The firm has a market cap of $30.80 million, a price-to-earnings ratio of -0.63 and a beta of 1.59. The stock has a fifty day simple moving average of $0.40 and a 200-day simple moving average of $0.47. FTC Solar has a 52 week low of $0.18 and a 52 week high of $2.55.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings data on Friday, May 10th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. FTC Solar had a negative net margin of 47.92% and a negative return on equity of 63.07%. The business had revenue of $12.59 million during the quarter, compared to analyst estimates of $12.54 million. As a group, sell-side analysts predict that FTC Solar will post -0.32 EPS for the current year.

Insider Buying and Selling

In other FTC Solar news, Director Ahmad R. Chatila purchased 114,726 shares of the stock in a transaction dated Thursday, June 13th. The shares were purchased at an average cost of $0.44 per share, with a total value of $50,479.44. Following the completion of the acquisition, the director now directly owns 1,082,184 shares in the company, valued at approximately $476,160.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 23.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FTC Solar

Several large investors have recently added to or reduced their stakes in FTCI. Fifth Lane Capital LP boosted its position in shares of 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. SG Americas Securities LLC bought a new stake in FTC Solar in the fourth quarter worth $35,000. TTP Investments Inc. bought a new position in FTC Solar during the 1st quarter valued at about $80,000. Finally, GSA Capital Partners LLP raised its holdings in shares of FTC Solar by 162.2% in the first 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 period. Hedge funds and other 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.