FTC Solar (NASDAQ:FTCI) Price Target Lowered to $0.30 at UBS Group

FTC Solar (NASDAQ:FTCI) had its price objective decreased by UBS Group from $0.50 to $0.30 in a research note released on Friday, Benzinga reports. UBS Group currently has a neutral rating on the stock.

Separately, HC Wainwright reiterated a buy rating and set a $1.50 price target on shares of FTC Solar in a report on Monday, May 13th. 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 company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $1.11.

FTC Solar Price Performance

NASDAQ:FTCI traded down $0.01 during trading hours on Friday, reaching $0.25. The company’s stock had a trading volume of 868,359 shares, compared to its average volume of 696,409. FTC Solar has a one year low of $0.18 and a one year high of $2.55. The business’s 50-day moving average is $0.40 and its 200-day moving average is $0.47. The company has a market cap of $30.80 million, a price-to-earnings ratio of -0.63 and a beta of 1.59.

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

Insider Transactions at FTC Solar

In related news, Director Ahmad R. Chatila acquired 114,726 shares of the company’s stock in a transaction dated 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 owns 1,082,184 shares in the company, valued at approximately $476,160.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 23.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FTCI. TTP Investments Inc. acquired a new stake in shares of FTC Solar during the 1st quarter worth about $80,000. GSA Capital Partners LLP increased its holdings in shares of FTC Solar by 162.2% during the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock worth $1,037,000 after buying an additional 1,189,960 shares in the last quarter. Fifth Lane Capital LP raised its stake 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 valued at $40,000 after acquiring an additional 50,000 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of FTC Solar in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds 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.