Insider Selling: FTC Solar, Inc. (NASDAQ:FTCI) Major Shareholder Sells 28,400 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCIGet Rating) major shareholder Arc Family Trust sold 28,400 shares of the company’s stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $4.05, for a total value of $115,020.00. Following the sale, the insider now directly owns 20,469,357 shares of the company’s stock, valued at $82,900,895.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

  • On Tuesday, May 31st, Arc Family Trust sold 84,600 shares of FTC Solar stock. The shares were sold at an average price of $4.30, for a total value of $363,780.00.
  • 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 shares were 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.

Shares of NASDAQ FTCI traded up $1.26 during mid-day trading on Monday, reaching $5.23. 8,592,666 shares of the company traded hands, compared to its average volume of 1,248,432. The stock has a market cap of $522.01 million, a PE ratio of -3.56 and a beta of 3.59. The company’s fifty day moving average is $3.82 and its two-hundred day moving average is $5.24. 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 issued its quarterly earnings data on Tuesday, May 10th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates 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 period last year, the business posted ($0.10) EPS. As a group, sell-side analysts predict that FTC Solar, Inc. will post -0.7 earnings per share for the current year.

Several brokerages recently issued reports on FTCI. Piper Sandler downgraded FTC Solar from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $4.00 to $3.00 in a research note on Wednesday, April 20th. Cowen reduced their price objective on FTC Solar from $10.00 to $6.00 in a research note on Wednesday, May 11th. Northland Securities assumed coverage on FTC Solar in a research report on Monday, May 23rd. They issued an “outperform” rating and a $7.00 target price on the stock. Bank of America upped their target price on FTC Solar from $4.50 to $5.00 and gave the stock an “underperform” rating in a research report on Wednesday, March 16th. Finally, Zacks Investment Research lowered FTC Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, May 11th. Three investment analysts have rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $6.77.

Hedge funds and other institutional investors have recently modified their holdings of the company. Citigroup Inc. increased its holdings in shares of FTC Solar by 126.3% during the 4th quarter. Citigroup Inc. now owns 4,829 shares of the company’s stock valued at $37,000 after acquiring an additional 2,695 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in FTC Solar in the 1st quarter valued at approximately $52,000. Vident Investment Advisory LLC acquired a new stake in FTC Solar in the 3rd quarter valued at approximately $100,000. Jane Street Group LLC acquired a new stake in FTC Solar in the 1st quarter valued at approximately $68,000. Finally, OLD Mission Capital LLC acquired a new stake in FTC Solar in the 3rd quarter valued at approximately $110,000. 20.41% of the stock is currently owned by institutional investors and hedge funds.

FTC Solar Company Profile (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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