FTC Solar (NASDAQ:FTCI) Trading Down 7.9% – What’s Next?

Shares of FTC Solar, Inc. (NASDAQ:FTCI) traded down 7.9% during mid-day trading on Monday . The stock traded as low as $2.85 and last traded at $2.91. 129,664 shares traded hands during trading, an increase of 24% from the average session volume of 104,414 shares. The stock had previously closed at $3.16.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $15.00 price target on shares of FTC Solar in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, FTC Solar has an average rating of “Hold” and an average price target of $8.13.

FTC Solar Stock Performance

The stock’s 50-day moving average is $4.04 and its two-hundred day moving average is $4.12. The stock has a market cap of $37.41 million, a PE ratio of -0.77 and a beta of 1.22.

Insiders Place Their Bets

In other FTC Solar news, CEO Yann Brandt purchased 31,450 shares of FTC Solar stock in a transaction dated Friday, December 13th. The shares were acquired at an average price of $3.12 per share, with a total value of $98,124.00. Following the completion of the transaction, the chief executive officer now owns 691,700 shares of the company’s stock, valued at $2,158,104. This trade represents a 4.76 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 22.60% of the stock is owned by insiders.

Institutional Investors Weigh In On FTC Solar

A hedge fund recently raised its stake in FTC Solar stock. Geode Capital Management LLC grew its holdings in FTC Solar, Inc. (NASDAQ:FTCI) by 9.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 766,863 shares of the company’s stock after acquiring an additional 64,325 shares during the period. Geode Capital Management LLC owned about 0.60% of FTC Solar worth $522,000 as of its most recent filing with the Securities & Exchange Commission. 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.