Brokerages Set FTC Solar, Inc. (NASDAQ:FTCI) PT at $1.11

FTC Solar, Inc. (NASDAQ:FTCI) has been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $1.11.

FTCI has been the subject of a number of research reports. UBS Group lowered their price objective on FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research report on Friday, August 9th. TD Cowen dropped their price target on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research note on Friday, August 9th.

FTC Solar Stock Performance

FTCI opened at $0.52 on Friday. FTC Solar has a 1-year low of $0.18 and a 1-year high of $1.49. The firm has a 50-day moving average price of $0.36 and a two-hundred day moving average price of $0.42. The stock has a market capitalization of $65.32 million, a PE ratio of -1.33 and a beta of 1.76.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.01. The firm had revenue of $11.43 million during the quarter, compared to analysts’ expectations of $13.09 million. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. On average, research analysts predict that FTC Solar will post -0.32 EPS for the current year.

Insider Activity at FTC Solar

In other news, 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 purchase, the director now owns 1,403,046 shares of the company’s stock, valued at $322,700.58. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other FTC Solar news, Director Ahmad R. Chatila purchased 212,800 shares of the stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $0.23 per share, for a total transaction of $48,944.00. Following the completion of the acquisition, the director now directly owns 1,403,046 shares of the company’s stock, valued at $322,700.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Cortes Isidoro Alfonso Quiroga acquired 321,337 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were acquired at an average price of $0.25 per share, for a total transaction of $80,334.25. Following the acquisition, the director now directly owns 1,941,740 shares in the company, valued at $485,435. The disclosure for this purchase can be found here. Insiders have bought 1,282,137 shares of company stock worth $304,558 in the last ninety days. Company insiders own 23.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of FTC Solar in the second quarter valued at about $42,000. Mercer Global Advisors Inc. ADV lifted its stake in FTC Solar by 527.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after acquiring an additional 83,334 shares in the last quarter. TTP Investments Inc. acquired a new position in FTC Solar during the 1st quarter worth approximately $80,000. 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 valued at $1,037,000 after purchasing an additional 1,189,960 shares during the last quarter. Finally, Fifth Lane Capital LP raised its holdings 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 purchasing an additional 50,000 shares during the last quarter. Institutional investors and hedge funds 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.