FTC Solar (NASDAQ:FTCI) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen downgraded shares of FTC Solar (NASDAQ:FTCI) from a sell rating to a strong sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Several other research analysts also recently weighed in on FTCI. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, September 21st. UBS Group upgraded FTC Solar from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $3.50 to $3.60 in a report on Friday, September 18th. Finally, Roth Capital set a $7.00 price objective on FTC Solar and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $8.90.

FTC Solar Stock Performance

Shares of NASDAQ FTCI opened at $1.94 on Friday. The firm has a fifty day moving average of $2.41 and a 200 day moving average of $3.79. The firm has a market cap of $32.05 million, a PE ratio of -0.31 and a beta of 1.76. FTC Solar has a one year low of $1.93 and a one year high of $12.75.

Insiders Place Their Bets

In other FTC Solar news, Director Shaker Sadasivam bought 101,083 shares of the company’s stock in a transaction dated Friday, August 28th. The stock was acquired at an average price of $2.69 per share, with a total value of $271,913.27. Following the completion of the acquisition, the director directly owned 255,464 shares of the company’s stock, valued at $687,198.16. This represents a 65.48% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anthony Carroll bought 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, with a total value of $51,469.60. Following the completion of the transaction, the chief executive officer directly owned 666,200 shares of the company’s stock, valued at approximately $1,385,696. The trade was a 3.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 198,701 shares of company stock valued at $489,308 in the last ninety days. Insiders own 21.00% of the company’s stock.

Institutional Trading of FTC Solar

A number of hedge funds have recently bought and sold shares of FTCI. Electron Capital Partners LLC purchased a new stake in shares of FTC Solar during the 4th quarter valued at approximately $979,000. Renaissance Technologies LLC lifted its holdings in FTC Solar by 178.0% in the first quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock valued at $353,000 after acquiring an additional 59,800 shares during the last quarter. Finally, Laurel Oak Wealth Management LLC purchased a new position in FTC Solar in the first quarter worth approximately $60,000. Institutional investors and hedge funds own 45.36% of the company’s stock.

FTC Solar Company Profile

FTC Solar, Inc (NASDAQ: FTCI) is a technology company that provides solar tracking systems, software and engineering services for utility-scale photovoltaic power projects. Its solutions are designed to improve the positioning of solar panels throughout the day, helping project developers and operators optimize energy production and manage system performance.

The company’s product portfolio includes single-axis solar trackers and related hardware, as well as software tools for project design, energy forecasting, monitoring and operational management.