Arc Family Trust Sells 84,600 Shares of FTC Solar, Inc. (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCIGet Rating) major shareholder Arc Family Trust sold 84,600 shares of the firm’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $4.30, for a total value of $363,780.00. Following the completion of the transaction, the insider now owns 20,568,757 shares of the company’s stock, valued at approximately $88,445,655.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Arc Family Trust also recently made the following trade(s):

  • On Monday, May 23rd, Arc Family Trust sold 92,000 shares of FTC Solar stock. The shares were sold at an average price of $3.81, for a total value of $350,520.00.
  • On Wednesday, May 18th, Arc Family Trust sold 184,000 shares of FTC Solar stock. The shares were sold at an average price of $3.86, for a total value of $710,240.00.
  • On Monday, April 25th, Arc Family Trust sold 61,000 shares of FTC Solar stock. The shares were sold at an average price of $3.01, for a total value of $183,610.00.
  • On Wednesday, April 20th, Arc Family Trust sold 67,000 shares of FTC Solar stock. The shares were sold at an average price of $3.25, for a total value of $217,750.00.
  • On Monday, April 18th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $3.44, for a total value of $172,000.00.
  • On Thursday, April 14th, Arc Family Trust sold 31,300 shares of FTC Solar stock. The stock was sold at an average price of $3.63, for a total value of $113,619.00.
  • On Tuesday, April 12th, Arc Family Trust sold 61,400 shares of FTC Solar stock. The stock was sold at an average price of $3.84, for a total value of $235,776.00.
  • On Thursday, April 7th, Arc Family Trust sold 92,000 shares of FTC Solar stock. The stock was sold at an average price of $4.58, for a total value of $421,360.00.

FTC Solar stock traded up $0.51 during midday trading on Thursday, hitting $4.11. 828,786 shares of the company were exchanged, compared to its average volume of 1,184,850. The company’s fifty day moving average price is $3.91 and its 200-day moving average price is $5.40. The company has a market cap of $410.22 million, a PE ratio of -2.61 and a beta of 3.56. FTC Solar, Inc. has a fifty-two week low of $2.12 and a fifty-two week high of $13.98.

FTC Solar (NASDAQ:FTCIGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.06). FTC Solar had a negative return on equity of 54.97% and a negative net margin of 51.28%. During the same period last year, the business earned ($0.10) EPS. On average, sell-side analysts predict that FTC Solar, Inc. will post -0.7 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Citigroup Inc. increased its holdings in FTC Solar by 126.3% during the 4th quarter. Citigroup Inc. now owns 4,829 shares of the company’s stock worth $37,000 after purchasing an additional 2,695 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in FTC Solar during the 1st quarter worth approximately $52,000. Jane Street Group LLC purchased a new stake in FTC Solar during the 1st quarter worth approximately $68,000. Mirabella Financial Services LLP purchased a new stake in FTC Solar during the 1st quarter worth approximately $79,000. Finally, California State Teachers Retirement System increased its holdings in FTC Solar by 70.6% during the 1st quarter. California State Teachers Retirement System now owns 17,619 shares of the company’s stock worth $87,000 after purchasing an additional 7,293 shares during the last quarter. Institutional investors own 20.41% of the company’s stock.

FTCI has been the subject of a number of recent research reports. Zacks Investment Research cut FTC Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, May 11th. Piper Sandler lowered FTC Solar from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $4.00 to $3.00 in a research note on Wednesday, April 20th. Cowen decreased their price target on FTC Solar from $10.00 to $6.00 in a research note on Wednesday, May 11th. Bank of America raised their price target on FTC Solar from $4.50 to $5.00 and gave the stock an “underperform” rating in a research note on Wednesday, March 16th. Finally, Northland Securities initiated coverage on FTC Solar in a research note on Monday, May 23rd. They issued an “outperform” rating and a $7.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, FTC Solar presently has an average rating of “Hold” and a consensus target price of $6.77.

About FTC Solar (Get Rating)

FTC Solar, Inc provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites.

Further Reading

Insider Buying and Selling by Quarter for FTC Solar (NASDAQ:FTCI)

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