Ahmad R. Chatila Buys 97,400 Shares of FTC Solar, Inc. (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila acquired 97,400 shares of the stock in a transaction dated Tuesday, March 26th. The shares were bought at an average price of $0.51 per share, for a total transaction of $49,674.00. Following the transaction, the director now owns 967,458 shares in the company, valued at approximately $493,403.58. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.

FTC Solar Stock Performance

FTCI traded up $0.04 on Wednesday, hitting $0.55. The company had a trading volume of 390,430 shares, compared to its average volume of 745,976. FTC Solar, Inc. has a 52-week low of $0.28 and a 52-week high of $3.87. The stock has a fifty day simple moving average of $0.52 and a 200-day simple moving average of $0.79.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. The company had revenue of $23.20 million for the quarter, compared to analyst estimates of $22.80 million. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. During the same period in the previous year, the company posted ($0.16) earnings per share. On average, analysts anticipate that FTC Solar, Inc. will post -0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Electron Capital Partners LLC grew its holdings in FTC Solar by 109.1% in the third quarter. Electron Capital Partners LLC now owns 4,298,357 shares of the company’s stock worth $5,502,000 after purchasing an additional 2,242,410 shares during the period. Point72 Asset Management L.P. grew its stake in shares of FTC Solar by 627.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,181,143 shares of the company’s stock worth $7,023,000 after buying an additional 1,881,143 shares during the last quarter. BlackRock Inc. increased its position in FTC Solar by 67.7% during the 1st quarter. BlackRock Inc. now owns 2,164,042 shares of the company’s stock valued at $10,670,000 after buying an additional 873,868 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in FTC Solar by 330.5% during the second quarter. Goldman Sachs Group Inc. now owns 999,564 shares of the company’s stock valued at $3,219,000 after buying an additional 767,398 shares during the last quarter. Finally, Maven Securities LTD purchased a new position in FTC Solar during the third quarter valued at $960,000. 45.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FTCI has been the topic of several research reports. Roth Capital cut shares of FTC Solar from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. HC Wainwright decreased their target price on shares of FTC Solar from $2.50 to $1.50 and set a “buy” rating on the stock in a research report on Thursday, March 14th. Roth Mkm reiterated a “neutral” rating and issued a $0.45 target price (down previously from $2.00) on shares of FTC Solar in a research report on Thursday, March 14th. Finally, Northland Securities lifted their target price on shares of FTC Solar from $0.65 to $1.00 and gave the stock a “market perform” rating in a research report on Friday, December 15th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $1.49.

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.