Analysts Set FTC Solar, Inc. (NASDAQ:FTCI) Price Target at $12.50

FTC Solar, Inc. (NASDAQ:FTCI) has earned a consensus recommendation of “Hold” from the six research firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $12.50.

A number of research analysts recently issued reports on FTCI shares. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a research report on Wednesday, June 24th. Wall Street Zen raised shares of FTC Solar from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. Finally, TD Cowen lowered their target price on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a report on Wednesday, May 6th.

Insiders Place Their Bets

In related news, Director Shaker Sadasivam acquired 27,025 shares of FTC Solar stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $3.70 per share, with a total value of $99,992.50. Following the transaction, the director directly owned 81,508 shares in the company, valued at approximately $301,579.60. This represents a 49.60% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders purchased 36,775 shares of company stock worth $134,810. 21.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On FTC Solar

Several hedge funds have recently added to or reduced their stakes in FTCI. Geode Capital Management LLC increased its holdings in shares of FTC Solar by 8.2% in the 4th quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock worth $1,226,000 after purchasing an additional 8,518 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of FTC Solar during the fourth quarter valued at $109,000. Hudson Bay Capital Management LP bought a new position in shares of FTC Solar during the fourth quarter valued at $135,000. Jane Street Group LLC purchased a new stake in shares of FTC Solar during the fourth quarter valued at $135,000. Finally, Goldman Sachs Group Inc. boosted its position 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. 45.36% of the stock is owned by institutional investors.

FTC Solar Trading Up 0.4%

FTCI opened at $5.00 on Friday. The stock has a fifty day simple moving average of $4.81 and a two-hundred day simple moving average of $6.94. The company has a market cap of $80.03 million, a price-to-earnings ratio of -0.87 and a beta of 1.80. FTC Solar has a 12-month low of $3.20 and a 12-month high of $12.75.

FTC Solar (NASDAQ:FTCI) last announced its earnings results on Tuesday, May 5th. The company reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.26). The firm had revenue of $17.27 million for the quarter, compared to analysts’ expectations of $24.26 million. On average, analysts predict that FTC Solar will post -1.61 EPS for the current year.

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.