FTC Solar (NASDAQ:FTCI – Free Report) had its target price reduced by TD Cowen from $1.50 to $1.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a buy rating on the stock.
Other equities research analysts have also issued reports about the stock. HC Wainwright reissued a buy rating and issued a $1.50 target price on shares of FTC Solar in a report on Monday, May 13th. UBS Group decreased their price target on shares of FTC Solar from $0.50 to $0.30 and set a neutral rating on the stock in a research note on Friday. Five equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $1.11.
Check Out Our Latest Research Report on FTCI
FTC Solar Price Performance
FTC Solar (NASDAQ:FTCI – Get Free Report) last issued its earnings results on Friday, May 10th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $12.59 million during the quarter, compared to analyst estimates of $12.54 million. FTC Solar had a negative return on equity of 63.07% and a negative net margin of 47.92%. Sell-side analysts forecast that FTC Solar will post -0.32 EPS for the current fiscal year.
Insider Buying and Selling at FTC Solar
In related news, Director Ahmad R. Chatila purchased 114,726 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were bought at an average price of $0.44 per share, for a total transaction of $50,479.44. Following the acquisition, the director now directly owns 1,082,184 shares in the company, valued at $476,160.96. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 23.10% of the company’s stock.
Institutional Investors Weigh In On FTC Solar
Several large investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in FTC Solar during the fourth quarter worth $35,000. Fifth Lane Capital LP boosted 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 acquiring an additional 50,000 shares during the last quarter. TTP Investments Inc. purchased a new stake in shares of FTC Solar during the 1st quarter valued at $80,000. Finally, GSA Capital Partners LLP grew its position in FTC Solar by 162.2% during the first 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 period. Hedge funds and other institutional investors own 45.36% of the company’s stock.
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.
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