FTC Solar, Inc. (NASDAQ:FTCI) Director Purchases $25,000.00 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila purchased 100,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was acquired at an average price of $0.25 per share, with a total value of $25,000.00. Following the completion of the purchase, the director now owns 1,603,046 shares of the company’s stock, valued at approximately $400,761.50. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website.

FTC Solar Stock Performance

NASDAQ:FTCI opened at $0.25 on Friday. The company has a fifty day moving average of $0.34 and a two-hundred day moving average of $0.44. FTC Solar, Inc. has a fifty-two week low of $0.18 and a fifty-two week high of $2.11. The stock has a market capitalization of $31.42 million, a PE ratio of -0.64 and a beta of 1.59.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of FTC Solar in the second quarter valued at approximately $42,000. Mercer Global Advisors Inc. ADV increased its position in shares of FTC Solar by 527.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after purchasing an additional 83,334 shares in the last quarter. TTP Investments Inc. acquired a new position in FTC Solar in the 1st quarter valued at $80,000. GSA Capital Partners LLP lifted its holdings in FTC Solar by 162.2% in the 1st 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. Finally, Fifth Lane Capital LP boosted its stake in FTC Solar by 200.0% during the 1st quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after purchasing an additional 50,000 shares during the last quarter. 45.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTCI has been the topic of a number of research reports. HC Wainwright reissued a “buy” rating and issued a $1.50 price objective on shares of FTC Solar in a report on Monday, May 13th. TD Cowen lowered their target price on FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, UBS Group lowered their price objective on FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Five research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, FTC Solar currently has a consensus rating of “Moderate Buy” and a consensus price target of $1.11.

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.