Insider Buying: FTC Solar, Inc. (NASDAQ:FTCI) Director Buys 212,800 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila acquired 212,800 shares of FTC Solar stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $0.23 per share, with a total value of $48,944.00. Following the transaction, the director now directly owns 1,403,046 shares in the company, valued at approximately $322,700.58. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

FTC Solar Trading Up 9.1 %

Shares of NASDAQ FTCI opened at $0.23 on Tuesday. The firm has a 50-day moving average of $0.40 and a two-hundred day moving average of $0.47. The company has a market capitalization of $28.89 million, a price-to-earnings ratio of -0.54 and a beta of 1.59. FTC Solar, Inc. has a twelve month low of $0.18 and a twelve month high of $2.28.

FTC Solar (NASDAQ:FTCI) last issued its earnings results 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. The company had revenue of $12.59 million for the quarter, compared to the consensus estimate of $12.54 million. FTC Solar had a negative return on equity of 63.07% and a negative net margin of 47.92%. As a group, research analysts predict that FTC Solar, Inc. will post -0.32 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FTCI. Mercer Global Advisors Inc. ADV increased its stake in shares of FTC Solar by 527.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after buying an additional 83,334 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of FTC Solar in the fourth quarter valued at $35,000. Fifth Lane Capital LP increased its stake in shares of FTC Solar by 200.0% in the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock valued at $40,000 after buying an additional 50,000 shares in the last quarter. TTP Investments Inc. acquired a new stake in shares of FTC Solar in the first quarter valued at $80,000. Finally, GSA Capital Partners LLP increased its stake 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 valued at $1,037,000 after buying an additional 1,189,960 shares in the last quarter. 45.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $1.50 target price on shares of FTC Solar in a report on Monday, May 13th. UBS Group dropped their price objective 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. Finally, TD Cowen dropped their price objective on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research note on Friday. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1.11.

FTC Solar Company Profile

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.