FTC Solar Stock to Reverse Split on Monday, December 2nd (NASDAQ:FTCI)

FTC Solar, Inc. (NASDAQ:FTCI) shares are scheduled to reverse split on Monday, December 2nd. The 1-10 reverse split was announced on Wednesday, November 27th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, November 29th.

FTC Solar Stock Performance

Shares of FTCI opened at $0.31 on Friday. FTC Solar has a 52-week low of $0.18 and a 52-week high of $1.00. The firm has a market cap of $40.23 million, a price-to-earnings ratio of -0.83 and a beta of 1.79. The business’s fifty day moving average is $0.51 and its 200-day moving average is $0.43.

Analyst Ratings Changes

FTCI has been the topic of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $1.50 target price on shares of FTC Solar in a research report on Wednesday, November 13th. TD Cowen decreased their price target on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, 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. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, FTC Solar currently has an average rating of “Hold” and a consensus price target of $0.85.

Insider Buying and Selling at FTC Solar

In other FTC Solar news, Director Ahmad R. Chatila purchased 110,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was purchased at an average price of $0.23 per share, with a total value of $25,300.00. Following the completion of the purchase, the director now owns 1,713,046 shares of the company’s stock, valued at approximately $394,000.58. The trade was a 6.86 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 22.60% of the company’s stock.

Institutional Trading of FTC Solar

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV lifted its holdings in FTC Solar by 527.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after buying an additional 83,334 shares during the period. XTX Topco Ltd bought a new position in shares of FTC Solar during the third quarter worth about $81,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of FTC Solar during the second quarter worth about $42,000. Finally, Geode Capital Management LLC lifted its stake in shares of FTC Solar by 9.2% in the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock worth $522,000 after acquiring an additional 64,325 shares during the period. 45.36% of the stock is currently owned by institutional investors and hedge funds.

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.