Shaker Sadasivam Acquires 101,083 Shares of FTC Solar (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam purchased 101,083 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The stock was purchased at an average price of $2.69 per share, for a total transaction of $271,913.27. Following the acquisition, the director owned 255,464 shares of the company’s stock, valued at $687,198.16. The trade was a 65.48% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Shaker Sadasivam also recently made the following trade(s):

• On Thursday, August 27th, Shaker Sadasivam acquired 39,583 shares of FTC Solar stock. The shares were purchased at an average cost of $2.35 per share, with a total value of $93,020.05.
• On Wednesday, August 26th, Shaker Sadasivam bought 33,290 shares of FTC Solar stock. The shares were acquired at an average price of $2.19 per share, for a total transaction of $72,905.10.

FTC Solar Trading Up 3.9%

Shares of NASDAQ FTCI opened at $2.39 on Thursday. The firm has a market capitalization of $39.48 million, a PE ratio of -0.38 and a beta of 1.84. FTC Solar, Inc. has a 1 year low of $1.99 and a 1 year high of $12.75. The firm’s 50-day moving average is $3.40 and its 200-day moving average is $4.51.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On FTC Solar

Several institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its stake in FTC Solar by 81.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after purchasing an additional 13,715 shares during the period. Jane Street Group LLC acquired a new stake in shares of FTC Solar in the 2nd quarter valued at about $79,000. Vanguard Group Inc. raised its stake in shares of 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 purchasing an additional 53,391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of FTC Solar in the fourth quarter valued at about $296,000. Finally, Geode Capital Management LLC lifted its holdings in shares of FTC Solar by 8.2% in the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock valued at $1,226,000 after purchasing an additional 8,518 shares in the last quarter. 45.36% of the stock is owned by institutional investors.

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.