FTC Solar (NASDAQ:FTCI) Raised to Buy at Roth Capital

FTC Solar (NASDAQ:FTCIGet Rating) was upgraded by equities researchers at Roth Capital from a “neutral” rating to a “buy” rating in a research note issued on Monday, Briefing.com reports.

Several other equities analysts have also recently weighed in on FTCI. Raymond James dropped their price objective on FTC Solar from $10.00 to $7.00 in a research note on Tuesday, May 10th. Bank of America raised their price objective on FTC Solar from $4.50 to $5.00 and gave the company an “underperform” rating in a research note on Wednesday, March 16th. Cowen dropped their price objective on FTC Solar from $10.00 to $6.00 in a research note on Wednesday, May 11th. Cowen lowered their target price on FTC Solar from $10.00 to $6.00 in a research note on Wednesday, May 11th. Finally, Zacks Investment Research cut FTC Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, May 11th. Three analysts have rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, FTC Solar currently has a consensus rating of “Hold” and an average target price of $6.77.

Shares of FTCI stock traded up $1.26 during midday trading on Monday, hitting $5.23. 248,333 shares of the company were exchanged, compared to its average volume of 1,169,056. FTC Solar has a 52 week low of $2.12 and a 52 week high of $13.98. The firm has a market capitalization of $522.01 million, a P/E ratio of -3.56 and a beta of 3.59. The firm’s 50 day moving average price is $3.82 and its two-hundred day moving average price is $5.24.

FTC Solar (NASDAQ:FTCIGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.06). FTC Solar had a negative net margin of 51.28% and a negative return on equity of 54.97%. During the same quarter in the prior year, the business posted ($0.10) earnings per share. As a group, equities research analysts predict that FTC Solar will post -0.7 earnings per share for the current fiscal year.

In other news, major shareholder Arc Family Trust sold 84,600 shares of the stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $4.30, for a total transaction of $363,780.00. Following the completion of the sale, the insider now owns 20,568,757 shares of the company’s stock, valued at $88,445,655.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Patrick Cook sold 50,888 shares of the firm’s stock in a transaction on Friday, March 18th. The stock was sold at an average price of $6.55, for a total transaction of $333,316.40. The disclosure for this sale can be found here. Insiders sold a total of 867,817 shares of company stock valued at $3,443,845 in the last 90 days.

A number of institutional investors have recently modified their holdings of the business. Citigroup Inc. raised its holdings in shares of FTC Solar by 126.3% during the fourth quarter. Citigroup Inc. now owns 4,829 shares of the company’s stock valued at $37,000 after purchasing an additional 2,695 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of FTC Solar during the first quarter valued at approximately $52,000. Vident Investment Advisory LLC purchased a new position in shares of FTC Solar during the third quarter valued at approximately $100,000. Jane Street Group LLC purchased a new position in shares of FTC Solar during the first quarter valued at approximately $68,000. Finally, OLD Mission Capital LLC purchased a new position in shares of FTC Solar during the third quarter valued at approximately $110,000. 20.41% of the stock is owned by institutional investors and hedge funds.

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.

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