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

Shares of FTC Solar, Inc. (NASDAQ:FTCI) are going to reverse split before the market opens 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 closing bell on Friday, November 29th.

FTC Solar Price Performance

Shares of NASDAQ:FTCI opened at $0.31 on Friday. The stock’s 50 day moving average price is $0.51 and its 200 day moving average price is $0.43. The stock has a market cap of $40.23 million, a price-to-earnings ratio of -0.83 and a beta of 1.79. FTC Solar has a 12 month low of $0.18 and a 12 month high of $1.00.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FTCI. HC Wainwright reiterated a “buy” rating and set a $1.50 price target on shares of FTC Solar in a research report on Wednesday, November 13th. UBS Group cut their price target on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, TD Cowen lowered their price objective on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock 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. Based on data from MarketBeat, FTC Solar has an average rating of “Hold” and an average target price of $0.85.

Insider Activity

In other news, Director Ahmad R. Chatila purchased 110,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average price of $0.23 per share, for a total transaction of $25,300.00. Following the completion of the acquisition, the director now directly owns 1,713,046 shares of the company’s stock, valued at $394,000.58. The trade was a 6.86 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 22.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FTC Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of FTC Solar in the second quarter worth $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 worth $35,000 after acquiring an additional 83,334 shares in the last quarter. Geode Capital Management LLC boosted its position in FTC Solar by 9.2% during the 3rd 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. Finally, XTX Topco Ltd purchased a new position in FTC Solar during the 3rd quarter valued at about $81,000. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

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.