FTC Solar (NASDAQ:FTCI) CEO Purchases 24,745 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) CEO Anthony Carroll purchased 24,745 shares of FTC Solar stock in a transaction dated Tuesday, August 25th. The stock was acquired at an average price of $2.08 per share, for a total transaction of $51,469.60. Following the completion of the transaction, the chief executive officer owned 666,200 shares in the company, valued at approximately $1,385,696. The trade was a 3.86% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

FTC Solar Stock Performance

NASDAQ FTCI opened at $1.99 on Wednesday. FTC Solar, Inc. has a one year low of $1.99 and a one year high of $12.75. The company has a 50-day simple moving average of $3.73 and a 200-day simple moving average of $4.82. The firm has a market capitalization of $32.87 million, a PE ratio of -0.32 and a beta of 1.87.

Analyst Upgrades and Downgrades

FTCI has been the subject of a number of research reports. TD Cowen decreased their target price on FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a research report on Wednesday, June 24th. Wall Street Zen downgraded FTC Solar from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Roth Capital set a $7.00 price objective on FTC Solar and gave the company a “buy” rating in a research report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, FTC Solar currently has a consensus rating of “Hold” and a consensus price target of $10.50.

Institutional Investors Weigh In On FTC Solar

Large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in shares of FTC Solar by 81.3% during the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after buying an additional 13,715 shares during the last quarter. Jane Street Group LLC bought a new position in FTC Solar in the 2nd quarter worth approximately $79,000. Vanguard Group Inc. increased its position in FTC Solar by 18.4% in the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after acquiring an additional 53,391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in FTC Solar in the 4th quarter valued at approximately $296,000. Finally, Geode Capital Management LLC raised its stake in FTC Solar by 8.2% during the 4th quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock valued at $1,226,000 after acquiring an additional 8,518 shares in the last quarter. Institutional investors and hedge funds own 45.36% of the company’s stock.

About FTC Solar

FTC Solar, Inc (NASDAQ:FTCI) specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants. The company’s tracker solutions are engineered to follow the sun’s path and optimize energy capture, helping customers maximize the performance of their solar assets. In addition to its core mechanical tracker products, FTC Solar offers advanced supervisory control and data acquisition (SCADA) software that enables remote monitoring, predictive maintenance and performance analytics.

Headquartered in Austin, Texas, FTC Solar supports large-scale solar projects across multiple regions, including North America, Latin America, Europe and the Middle East.