UBS Group Raises FTC Solar (NASDAQ:FTCI) Price Target to $8.00

FTC Solar (NASDAQ:FTCIGet Rating) had its target price lifted by analysts at UBS Group to $8.00 in a research note issued on Thursday, Stock Target Advisor reports. UBS Group’s target price would suggest a potential upside of 46.25% from the stock’s current price.

FTCI has been the topic of several other reports. Northland Securities assumed coverage on FTC Solar in a research note on Monday, May 23rd. They set an “outperform” rating and a $7.00 price objective on the stock. Cowen reduced their price objective on FTC Solar from $10.00 to $6.00 in a research note on Wednesday, May 11th. Roth Capital upgraded FTC Solar from a “neutral” rating to a “buy” rating in a research note on Monday. Piper Sandler cut 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. Finally, Cowen reduced their price objective on FTC Solar from $10.00 to $6.00 in a research note on Wednesday, May 11th. Three analysts have rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $6.88.

Shares of FTCI stock traded up $0.11 during mid-day trading on Thursday, reaching $5.47. 2,002,185 shares of the company were exchanged, compared to its average volume of 1,269,237. FTC Solar has a fifty-two week low of $2.12 and a fifty-two week high of $13.98. The company has a market capitalization of $545.97 million, a P/E ratio of -3.72 and a beta of 3.59. The business’s 50 day simple moving average is $3.82 and its 200 day simple moving average is $5.22.

FTC Solar (NASDAQ:FTCIGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter last year, the company posted ($0.10) EPS. As a group, research analysts forecast that FTC Solar will post -0.7 earnings per share for the current fiscal year.

In related news, VP Kristian Nolde sold 11,031 shares of FTC Solar stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $4.91, for a total transaction of $54,162.21. Following the sale, the vice president now directly owns 389,462 shares in the company, valued at $1,912,258.42. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Arc Family Trust sold 184,000 shares of FTC Solar stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $5.02, for a total transaction of $923,680.00. Following the sale, the insider now owns 20,285,357 shares in the company, valued at $101,832,492.14. The disclosure for this sale can be found here. Insiders sold 1,058,522 shares of company stock worth $4,373,137 over the last quarter.

Large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. grew its holdings in FTC Solar by 126.3% during the fourth quarter. Citigroup Inc. now owns 4,829 shares of the company’s stock worth $37,000 after acquiring an additional 2,695 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in FTC Solar during the first quarter worth about $52,000. Jane Street Group LLC acquired a new position in FTC Solar during the first quarter worth about $68,000. Mirabella Financial Services LLP acquired a new position in FTC Solar during the first quarter worth about $79,000. Finally, California State Teachers Retirement System grew its holdings in FTC Solar by 70.6% during the first quarter. California State Teachers Retirement System now owns 17,619 shares of the company’s stock worth $87,000 after acquiring an additional 7,293 shares during the period. 20.41% of the stock is currently owned by hedge funds and other institutional investors.

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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