FTC Solar, Inc. (NASDAQ:FTCI) Receives Consensus Recommendation of “Hold” from Brokerages

FTC Solar, Inc. (NASDAQ:FTCI) has been assigned an average recommendation of “Hold” from the seven analysts that are currently covering the company, Marketbeat reports. Five analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $1.49.

Several research firms have recently weighed in on FTCI. Roth Mkm reiterated a “neutral” rating and issued a $0.45 price objective (down previously from $2.00) on shares of FTC Solar in a research note on Thursday, March 14th. Roth Capital lowered shares of FTC Solar from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. HC Wainwright decreased their price target on shares of FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a research note on Thursday, March 14th. Finally, Northland Securities boosted their price target on shares of FTC Solar from $0.65 to $1.00 and gave the company a “market perform” rating in a research note on Friday, December 15th.

Insider Transactions at FTC Solar

In other news, Director Ahmad R. Chatila bought 97,400 shares of FTC Solar stock in a transaction dated Tuesday, March 26th. The stock was purchased at an average price of $0.51 per share, for a total transaction of $49,674.00. Following the purchase, the director now directly owns 967,458 shares in the company, valued at approximately $493,403.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Ahmad R. Chatila bought 97,400 shares of FTC Solar stock in a transaction dated Tuesday, March 26th. The stock was purchased at an average price of $0.51 per share, for a total transaction of $49,674.00. Following the purchase, the director now directly owns 967,458 shares in the company, valued at approximately $493,403.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ahmad R. Chatila bought 92,500 shares of FTC Solar stock in a transaction dated Wednesday, March 20th. The stock was purchased at an average price of $0.54 per share, with a total value of $49,950.00. Following the purchase, the director now owns 777,458 shares in the company, valued at $419,827.32. The disclosure for this purchase can be found here. Insiders bought a total of 384,300 shares of company stock worth $200,436 in the last quarter. 29.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FTC Solar

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Maven Securities LTD bought a new stake in shares of FTC Solar during the third quarter valued at about $960,000. Graham Capital Management L.P. increased its position in shares of FTC Solar by 225.7% during the third quarter. Graham Capital Management L.P. now owns 217,061 shares of the company’s stock valued at $278,000 after buying an additional 150,407 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in shares of FTC Solar by 165.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 127,859 shares of the company’s stock valued at $164,000 after buying an additional 79,695 shares during the period. Legato Capital Management LLC bought a new stake in shares of FTC Solar during the third quarter valued at about $285,000. Finally, Electron Capital Partners LLC increased its position in shares of FTC Solar by 109.1% during the third quarter. Electron Capital Partners LLC now owns 4,298,357 shares of the company’s stock valued at $5,502,000 after buying an additional 2,242,410 shares during the period. 45.36% of the stock is owned by hedge funds and other institutional investors.

FTC Solar Stock Performance

Shares of NASDAQ FTCI opened at $0.48 on Friday. The company’s 50 day moving average price is $0.52 and its 200-day moving average price is $0.73. The company has a market capitalization of $60.58 million, a P/E ratio of -1.13 and a beta of 1.62. FTC Solar has a 52-week low of $0.28 and a 52-week high of $3.87.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings data on Wednesday, March 13th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. The company had revenue of $23.20 million during the quarter, compared to analyst estimates of $22.80 million. FTC Solar had a negative net margin of 39.60% and a negative return on equity of 59.79%. During the same quarter in the previous year, the business posted ($0.16) EPS. Analysts forecast that FTC Solar will post -0.24 earnings per share for the current year.

About FTC Solar

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.