FTC Solar, Inc. (NASDAQ:FTCI) Director William A. Priddy Acquires 17,000 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director William A. Priddy acquired 17,000 shares of the stock in a transaction on Thursday, September 14th. The shares were acquired at an average cost of $1.43 per share, for a total transaction of $24,310.00. Following the completion of the transaction, the director now directly owns 357,032 shares in the company, valued at approximately $510,555.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

FTC Solar Price Performance

NASDAQ FTCI opened at $1.38 on Friday. The firm has a 50-day moving average price of $2.61 and a 200 day moving average price of $2.66. FTC Solar, Inc. has a 52-week low of $1.30 and a 52-week high of $4.38.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings results on Wednesday, August 9th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. The business had revenue of $32.36 million for the quarter, compared to analyst estimates of $47.82 million. FTC Solar had a negative net margin of 58.87% and a negative return on equity of 86.64%. On average, analysts predict that FTC Solar, Inc. will post -0.36 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on FTCI shares. UBS Group downgraded shares of FTC Solar from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $4.00 to $2.50 in a research note on Tuesday, August 15th. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price objective on shares of FTC Solar in a research report on Thursday, August 10th. Finally, Piper Sandler lowered their target price on FTC Solar from $3.00 to $2.50 and set a “neutral” rating on the stock in a research note on Thursday, August 10th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, FTC Solar presently has an average rating of “Moderate Buy” and an average target price of $3.93.

Hedge Funds Weigh In On FTC Solar

A number of large investors have recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in FTC Solar by 4.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 90,749 shares of the company’s stock worth $447,000 after acquiring an additional 3,652 shares during the period. Deutsche Bank AG boosted its position in shares of FTC Solar by 16.8% during the first quarter. Deutsche Bank AG now owns 27,730 shares of the company’s stock worth $62,000 after buying an additional 3,997 shares during the period. ARS Investment Partners LLC increased its holdings in shares of FTC Solar by 4.5% during the first quarter. ARS Investment Partners LLC now owns 117,300 shares of the company’s stock valued at $264,000 after purchasing an additional 5,000 shares during the period. California State Teachers Retirement System raised its position in shares of FTC Solar by 32.7% during the 2nd quarter. California State Teachers Retirement System now owns 21,163 shares of the company’s stock worth $68,000 after buying an additional 5,217 shares in the last quarter. Finally, UBS Group AG lifted its position in FTC Solar by 41.6% in the third quarter. UBS Group AG now owns 18,462 shares of the company’s stock worth $55,000 after purchasing an additional 5,428 shares during the period. 33.64% of the stock is currently owned by hedge funds and other institutional investors.

FTC Solar Company Profile

FTC Solar, Inc provides solar tracker systems, software, and engineering services in the United States and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides Pioneer, a one module-in-portrait solar tracker solution that allows for a pile count reduction per megawatt.