FTC Solar, Inc. (NASDAQ:FTCI) VP Sells $34,000.00 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) VP Kristian Nolde sold 20,000 shares of FTC Solar stock in a transaction on Friday, September 8th. The stock was sold at an average price of $1.70, for a total transaction of $34,000.00. Following the sale, the vice president now owns 368,718 shares in the company, valued at approximately $626,820.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Kristian Nolde also recently made the following trade(s):

• On Monday, September 11th, Kristian Nolde sold 20,000 shares of FTC Solar stock. The shares were sold at an average price of $1.65, for a total transaction of $33,000.00.

FTC Solar Stock Performance

FTCI opened at $1.38 on Friday. The company has a fifty day simple moving average of $2.61 and a 200 day simple moving average of $2.66. FTC Solar, Inc. has a 12 month low of $1.30 and a 12 month 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, topping analysts’ consensus estimates of ($0.10) by $0.01. The company had revenue of $32.36 million for the quarter, compared to analyst estimates of $47.82 million. FTC Solar had a negative return on equity of 86.64% and a negative net margin of 58.87%. On average, analysts forecast that FTC Solar, Inc. will post -0.36 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On FTC Solar

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its position in FTC Solar by 5.0% in the first quarter. BlackRock Inc. now owns 3,996,772 shares of the company’s stock valued at $8,993,000 after purchasing an additional 189,135 shares in the last quarter. Invesco Ltd. grew its position in FTC Solar by 8.1% in the first quarter. Invesco Ltd. now owns 3,567,308 shares of the company’s stock valued at $17,587,000 after purchasing an additional 267,307 shares in the last quarter. Handelsbanken Fonder AB bought a new position in FTC Solar in the first quarter valued at $6,314,000. Point72 Asset Management L.P. grew its position in FTC Solar by 627.0% in the second quarter. Point72 Asset Management L.P. now owns 2,181,143 shares of the company’s stock valued at $7,023,000 after purchasing an additional 1,881,143 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in FTC Solar by 10.4% in the third quarter. Vanguard Group Inc. now owns 1,912,664 shares of the company’s stock valued at $5,662,000 after purchasing an additional 180,361 shares in the last quarter. 33.64% of the stock is currently owned by institutional investors and hedge funds.

About FTC Solar

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.