FTC Solar, Inc. (NASDAQ:FTCI) Major Shareholder Sells $457,240.00 in Stock

FTC Solar, Inc. (NASDAQ:FTCI – Get Rating) major shareholder Arc Family Trust sold 92,000 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $4.97, for a total value of $457,240.00. Following the completion of the sale, the insider now directly owns 19,273,357 shares of the company’s stock, valued at $95,788,584.29. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more 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 Wednesday, July 27th, Arc Family Trust sold 64,000 shares of FTC Solar stock. The shares were sold at an average price of $4.10, for a total value of $262,400.00.
• On Monday, July 25th, Arc Family Trust sold 60,000 shares of FTC Solar stock. The shares were sold at an average price of $4.01, for a total value of $240,600.00.
• On Wednesday, July 20th, Arc Family Trust sold 84,000 shares of FTC Solar stock. The shares were sold at an average price of $4.20, for a total value of $352,800.00.
• On Monday, July 18th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $3.76, for a total value of $188,000.00.
• On Wednesday, July 13th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The shares were sold at an average price of $3.75, for a total value of $187,500.00.
• On Monday, July 11th, Arc Family Trust sold 50,000 shares of FTC Solar stock. The stock was sold at an average price of $3.81, for a total value of $190,500.00.
• On Tuesday, July 5th, Arc Family Trust sold 60,000 shares of FTC Solar stock. The stock was sold at an average price of $3.84, for a total value of $230,400.00.
• On Monday, June 27th, Arc Family Trust sold 99,000 shares of FTC Solar stock. The stock was sold at an average price of $4.31, for a total value of $426,690.00.
• On Monday, June 6th, Arc Family Trust sold 184,000 shares of FTC Solar stock. The stock was sold at an average price of $5.02, for a total value of $923,680.00.
• On Thursday, June 2nd, Arc Family Trust sold 28,400 shares of FTC Solar stock. The stock was sold at an average price of $4.05, for a total value of $115,020.00.

FTC Solar Price Performance

NASDAQ FTCI opened at $4.86 on Friday. FTC Solar, Inc. has a 1-year low of $2.12 and a 1-year high of $11.54. The company has a market capitalization of $489.20 million, a P/E ratio of -3.37 and a beta of 3.32. The business has a 50 day moving average price of $4.34 and a 200 day moving average price of $4.28.

FTC Solar (NASDAQ:FTCI – Get Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.11). The company had revenue of $49.55 million for the quarter, compared to analysts’ expectations of $57.00 million. FTC Solar had a negative return on equity of 54.97% and a negative net margin of 51.28%. During the same period in the previous year, the business posted ($0.10) EPS. On average, research analysts expect that FTC Solar, Inc. will post -0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FTC Solar

Several hedge funds have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC purchased a new position in FTC Solar during the second quarter worth $2,449,000. Salient Capital Advisors LLC purchased a new position in FTC Solar during the second quarter worth $252,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in FTC Solar during the second quarter worth $42,000. KBC Group NV boosted its holdings in shares of FTC Solar by 629.0% during the second quarter. KBC Group NV now owns 484,704 shares of the company’s stock worth $1,755,000 after purchasing an additional 418,218 shares during the last quarter. Finally, Activest Wealth Management boosted its holdings in shares of FTC Solar by 57.5% during the second quarter. Activest Wealth Management now owns 49,274 shares of the company’s stock worth $178,000 after purchasing an additional 17,994 shares during the last quarter. Hedge funds and other institutional investors own 20.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FTCI. Piper Sandler raised FTC Solar from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $2.00 to $3.50 in a research report on Tuesday, July 19th. Roth Capital raised FTC Solar from a “neutral” rating to a “buy” rating in a research note on Monday, June 6th. Raymond James cut their target price on FTC Solar from $7.00 to $6.00 and set a “strong-buy” rating for the company in a research note on Tuesday, July 12th. Cowen cut their target price on FTC Solar from $10.00 to $6.00 in a research note on Wednesday, May 11th. Finally, Northland Securities started coverage on FTC Solar in a research note on Monday, May 23rd. They set an “outperform” rating and a $7.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, FTC Solar currently has a consensus rating of “Moderate Buy” and an average price target of $7.05.

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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