Cathy Behnen Acquires 100,000 Shares of FTC Solar, Inc. (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI) CFO Cathy Behnen bought 100,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The stock was purchased at an average cost of $0.52 per share, for a total transaction of $52,000.00. Following the completion of the transaction, the chief financial officer now owns 351,989 shares of the company’s stock, valued at $183,034.28. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

FTC Solar Trading Down 1.7 %

Shares of NASDAQ:FTCI opened at $0.51 on Friday. The firm has a market cap of $63.56 million, a price-to-earnings ratio of -0.94 and a beta of 2.14. FTC Solar, Inc. has a 1 year low of $0.28 and a 1 year high of $3.87. The business has a fifty day simple moving average of $1.18 and a 200 day simple moving average of $2.23.

Institutional Investors Weigh In On FTC Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in FTCI. Advisor Group Holdings Inc. grew its stake in shares of FTC Solar by 2,044.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 28,114 shares of the company’s stock valued at $139,000 after buying an additional 26,803 shares in the last quarter. JPMorgan Chase & Co. grew its position in FTC Solar by 37.5% in the first quarter. JPMorgan Chase & Co. now owns 358,303 shares of the company’s stock worth $1,767,000 after acquiring an additional 97,706 shares in the last quarter. Bank of New York Mellon Corp grew its position in FTC Solar by 96.3% in the first quarter. Bank of New York Mellon Corp now owns 109,835 shares of the company’s stock worth $542,000 after acquiring an additional 53,873 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of FTC Solar during the 1st quarter valued at $52,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of FTC Solar by 4.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 90,749 shares of the company’s stock valued at $447,000 after purchasing an additional 3,652 shares in the last quarter. 33.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FTCI has been the subject of a number of recent analyst reports. Raymond James decreased their price objective on shares of FTC Solar from $4.00 to $2.00 and set a “strong-buy” rating for the company in a research note on Thursday, November 9th. UBS Group cut 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 report on Tuesday, August 15th. Piper Sandler dropped their price target on FTC Solar from $2.50 to $1.50 and set a “neutral” rating on the stock in a research report on Friday, October 6th. Northland Securities lowered FTC Solar from an “outperform” rating to a “market perform” rating and set a $0.65 price objective for the company. in a research report on Thursday, November 9th. Finally, HC Wainwright dropped their target price on FTC Solar from $5.00 to $2.50 and set a “buy” rating on the stock in a report on Thursday, November 9th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $2.11.

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.