FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Recommendation of “Hold” from Analysts

FTC Solar, Inc. (NASDAQ:FTCI) has been given a consensus recommendation of “Hold” by the six brokerages that are covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $0.85.

Several equities research analysts recently weighed in on FTCI shares. TD Cowen dropped their price target on FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. UBS Group cut their price target on FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $1.50 price objective on shares of FTC Solar in a research note on Wednesday, November 13th.

FTC Solar Price Performance

NASDAQ FTCI opened at $0.42 on Monday. FTC Solar has a 1 year low of $0.18 and a 1 year high of $1.00. The stock has a market capitalization of $53.88 million, a PE ratio of -1.11 and a beta of 1.79. The business’s 50-day moving average is $0.52 and its 200 day moving average is $0.44.

Insider Buying and Selling at FTC Solar

In related news, Director Ahmad R. Chatila purchased 238,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average price of $0.21 per share, for a total transaction of $49,980.00. Following the acquisition, the director now owns 1,951,046 shares of the company’s stock, valued at approximately $409,719.66. This represents a 13.89 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders bought 448,000 shares of company stock worth $100,280 in the last quarter. 22.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On FTC Solar

Hedge funds have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV increased 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 worth $35,000 after buying an additional 83,334 shares during the period. XTX Topco Ltd purchased a new position in FTC Solar during the 3rd quarter worth $81,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of FTC Solar during the 2nd quarter worth $42,000. Finally, Geode Capital Management LLC increased its stake in shares of FTC Solar by 9.2% during the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock valued at $522,000 after buying an additional 64,325 shares during the period. Institutional investors own 45.36% of the company’s stock.

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.