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

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have received a consensus rating of “Hold” from the seven analysts that are presently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $1.49.

A number of research firms recently issued reports on FTCI. HC Wainwright dropped their target price on shares of FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a research report on Thursday, March 14th. Roth Capital lowered shares of FTC Solar from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Finally, Roth Mkm restated a “neutral” rating and set a $0.45 target price (down previously from $2.00) on shares of FTC Solar in a report on Thursday, March 14th.

FTC Solar Stock Down 1.6 %

FTCI stock opened at $0.53 on Thursday. The company has a market cap of $67.27 million, a price-to-earnings ratio of -1.24 and a beta of 1.62. The business has a fifty day simple moving average of $0.49 and a 200-day simple moving average of $0.62. FTC Solar has a 52 week low of $0.28 and a 52 week high of $3.87.

FTC Solar (NASDAQ:FTCI) last posted its quarterly earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $23.20 million during the quarter, compared to the consensus estimate of $22.80 million. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. During the same quarter in the previous year, the business earned ($0.16) earnings per share. As a group, analysts expect that FTC Solar will post -0.26 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ahmad R. Chatila bought 101,800 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was acquired at an average cost of $0.49 per share, for a total transaction of $49,882.00. Following the completion of the purchase, the director now owns 684,958 shares of the company’s stock, valued at $335,629.42. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Patrick Cook sold 48,911 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $0.53, for a total transaction of $25,922.83. Following the completion of the sale, the insider now directly owns 1,245,205 shares in the company, valued at $659,958.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ahmad R. Chatila purchased 101,800 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was acquired at an average price of $0.49 per share, for a total transaction of $49,882.00. Following the purchase, the director now owns 684,958 shares of the company’s stock, valued at approximately $335,629.42. The disclosure for this purchase can be found here. Insiders have bought 384,300 shares of company stock worth $200,436 over the last 90 days. Company insiders own 29.70% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Electron Capital Partners LLC boosted its stake in shares of FTC Solar by 109.1% during the 3rd 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 last quarter. GSA Capital Partners LLP boosted its stake in FTC Solar by 162.2% during the 1st quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after acquiring an additional 1,189,960 shares during the last quarter. Rock Point Advisors LLC grew its holdings in FTC Solar by 39.8% during the 3rd quarter. Rock Point Advisors LLC now owns 1,679,150 shares of the company’s stock worth $2,149,000 after acquiring an additional 478,265 shares in the last quarter. Maven Securities LTD bought a new stake in shares of FTC Solar in the 3rd quarter worth about $960,000. Finally, Ardsley Advisory Partners LP bought a new stake in shares of FTC Solar in the 3rd quarter worth about $800,000. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

FTC Solar Company Profile

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.