FTC Solar, Inc. (NASDAQ:FTCI) Given Consensus Rating of “Hold” by Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $12.50.

Several research firms have recently weighed in on FTCI. TD Cowen lowered their price objective on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Finally, Wall Street Zen upgraded FTC Solar from a “sell” rating to a “hold” rating in a report on Saturday, June 20th.

FTC Solar Trading Up 8.1%

NASDAQ:FTCI opened at $3.20 on Tuesday. The stock has a market capitalization of $51.20 million, a PE ratio of -0.56 and a beta of 1.80. FTC Solar has a 1-year low of $2.90 and a 1-year high of $12.75. The firm has a fifty day simple moving average of $4.73 and a 200 day simple moving average of $6.13.

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

Insider Activity

In other FTC Solar news, Director Shaker Sadasivam bought 27,025 shares of FTC Solar stock in a transaction dated Wednesday, May 6th. The stock was bought at an average cost of $3.70 per share, for a total transaction of $99,992.50. Following the purchase, the director owned 81,508 shares of the company’s stock, valued at $301,579.60. The trade was a 49.60% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased 36,775 shares of company stock valued at $134,810 over the last ninety days. Company insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in FTC Solar by 18.4% during 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 last quarter. Walleye Capital LLC bought a new position in shares of FTC Solar in the fourth quarter valued at about $1,482,000. Geode Capital Management LLC raised its position 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 during the period. Renaissance Technologies LLC lifted its stake in shares of FTC Solar by 178.0% during the 1st quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock worth $353,000 after buying an additional 59,800 shares during the last quarter. Finally, Electron Capital Partners LLC acquired a new stake in shares of FTC Solar during the 4th quarter worth about $979,000. 45.36% of the stock is owned by institutional investors and hedge funds.

FTC Solar Company Profile

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.