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

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

Separately, HC Wainwright reiterated a “buy” rating and set a $1.50 price objective on shares of FTC Solar in a report on Monday, May 13th.

FTC Solar Stock Down 2.2 %

Shares of NASDAQ FTCI opened at $0.38 on Tuesday. FTC Solar has a twelve month low of $0.28 and a twelve month high of $3.87. The stock has a market cap of $47.91 million, a price-to-earnings ratio of -0.98 and a beta of 1.59. The company’s fifty day moving average is $0.44 and its 200-day moving average is $0.49.

FTC Solar (NASDAQ:FTCI) last issued its quarterly earnings data on Friday, May 10th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.01. The business had revenue of $12.59 million for the quarter, compared to the consensus estimate of $12.54 million. FTC Solar had a negative return on equity of 63.07% and a negative net margin of 47.92%. On average, research analysts anticipate that FTC Solar will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Ahmad R. Chatila purchased 114,726 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were purchased at an average price of $0.44 per share, with a total value of $50,479.44. Following the purchase, the director now directly owns 1,082,184 shares of the company’s stock, valued at approximately $476,160.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 23.10% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

Several hedge funds have recently made changes to their positions in FTCI. Fifth Lane Capital LP lifted its position in shares of FTC Solar by 200.0% in the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after purchasing an additional 50,000 shares in the last quarter. SG Americas Securities LLC acquired a new stake in FTC Solar in the 4th quarter valued at $35,000. TTP Investments Inc. bought a new stake in FTC Solar during the 1st quarter worth about $80,000. Graham Capital Management L.P. boosted its stake in shares of FTC Solar by 225.7% during the 3rd quarter. Graham Capital Management L.P. now owns 217,061 shares of the company’s stock worth $278,000 after buying an additional 150,407 shares during the last quarter. Finally, GSA Capital Partners LLP grew its holdings in shares of FTC Solar by 162.2% in 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 in the last quarter. 45.36% of the stock is owned by institutional investors.

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.