FTC Solar, Inc. (NASDAQ:FTCI) Stock Has Average Target Price of $8.90 According to Analysts

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have earned an average rating of “Moderate Buy” from the six research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $8.90.

Several analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a research note on Monday, September 21st. UBS Group upgraded shares of FTC Solar from a “neutral” rating to a “buy” rating and increased their target price for the stock from $3.50 to $3.60 in a research report on Friday, September 18th. Wall Street Zen cut shares of FTC Solar from a “sell” rating to a “strong sell” rating in a report on Saturday. Finally, Roth Capital set a $7.00 price target on shares of FTC Solar and gave the company a “buy” rating in a research report on Wednesday, August 12th.

Insider Buying and Selling

In related news, Director Shaker Sadasivam purchased 101,083 shares of FTC Solar stock in a transaction that occurred on Friday, August 28th. The shares were acquired at an average price of $2.69 per share, with a total value of $271,913.27. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anthony Carroll acquired 24,745 shares of the stock in a transaction on Tuesday, August 25th. The shares were bought at an average price of $2.08 per share, for a total transaction of $51,469.60. Following the purchase, the chief executive officer owned 666,200 shares in the company, valued at approximately $1,385,696. This trade represents a 3.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 198,701 shares of company stock worth $489,308 in the last three months. 21.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Laurel Oak Wealth Management LLC bought a new stake in FTC Solar during the first quarter worth about $60,000. Electron Capital Partners LLC acquired a new position in shares of FTC Solar in the 4th quarter valued at approximately $979,000. Finally, Renaissance Technologies LLC raised its position in shares of FTC Solar by 178.0% in the 1st quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock valued at $353,000 after buying an additional 59,800 shares in the last quarter. Institutional investors and hedge funds own 45.36% of the company’s stock.

FTC Solar Stock Performance

FTCI opened at $1.97 on Friday. The stock has a fifty day moving average of $2.40 and a 200-day moving average of $3.77. The company has a market capitalization of $32.54 million, a P/E ratio of -0.32 and a beta of 1.76. FTC Solar has a fifty-two week low of $1.90 and a fifty-two week high of $12.75.

About FTC Solar

FTC Solar, Inc (NASDAQ: FTCI) is a solar technology company that provides photovoltaic (PV) solar tracker systems, software and engineering services. Its solutions are designed to help utility-scale solar projects increase energy production by adjusting the position of solar panels to follow the sun throughout the day.

The company’s product portfolio includes single-axis tracker systems, such as its Voyager platform, along with related controls, monitoring and project design capabilities.