Ahmad R. Chatila Buys 110,000 Shares of FTC Solar, Inc. (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila purchased 110,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were acquired at an average price of $0.23 per share, with a total value of $25,300.00. Following the completion of the transaction, the director now owns 1,713,046 shares of the company’s stock, valued at $394,000.58. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

FTC Solar Stock Performance

Shares of FTCI stock opened at $0.22 on Friday. FTC Solar, Inc. has a fifty-two week low of $0.18 and a fifty-two week high of $1.95. The firm has a market cap of $27.26 million, a P/E ratio of -0.56 and a beta of 1.59. The business’s 50 day moving average price is $0.32 and its 200-day moving average price is $0.43.

FTC Solar (NASDAQ:FTCI) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $11.43 million during the quarter, compared to analyst estimates of $13.09 million. FTC Solar had a negative return on equity of 75.67% and a negative net margin of 63.17%. As a group, equities analysts predict that FTC Solar, Inc. will post -0.32 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on FTCI. TD Cowen dropped their target price on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a report on Friday, August 9th. HC Wainwright restated a “buy” rating and issued a $1.50 target price on shares of FTC Solar in a report on Monday, May 13th. Finally, UBS Group decreased their target price 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, August 9th. Five research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, FTC Solar presently has an average rating of “Moderate Buy” and an average target price of $1.11.

Institutional Investors Weigh In On FTC Solar

Large investors have recently modified their holdings of the stock. GSA Capital Partners LLP boosted its position 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 valued at $1,037,000 after purchasing an additional 1,189,960 shares in the last quarter. TTP Investments Inc. bought a new position in FTC Solar in the first quarter worth $80,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in FTC Solar during the second quarter valued at $42,000. Mercer Global Advisors Inc. ADV boosted its holdings in shares of FTC Solar by 527.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after buying an additional 83,334 shares in the last quarter. Finally, Fifth Lane Capital LP grew its position in shares of FTC Solar by 200.0% in the 1st quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after buying an additional 50,000 shares during the period. Institutional investors own 45.36% of the company’s stock.

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.