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

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have received a consensus recommendation of “Hold” from the seven analysts that are presently covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $1.49.

Several research firms have recently issued reports on FTCI. Roth Capital lowered FTC Solar from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. HC Wainwright lowered their price objective on FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a research note on Thursday, March 14th. Finally, Roth Mkm reaffirmed a “neutral” rating and issued a $0.45 price objective (down from $2.00) on shares of FTC Solar in a research note on Thursday, March 14th.

FTC Solar Stock Down 2.8 %

NASDAQ FTCI opened at $0.45 on Thursday. The firm has a market cap of $56.31 million, a price-to-earnings ratio of -1.04 and a beta of 1.62. The business has a 50-day moving average price of $0.49 and a 200-day moving average price of $0.64. FTC Solar has a twelve month low of $0.28 and a twelve month high of $3.87.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings data on Wednesday, March 13th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. The firm had revenue of $23.20 million during the quarter, compared to analyst estimates of $22.80 million. During the same quarter in the prior year, the company posted ($0.16) earnings per share. Research analysts expect that FTC Solar will post -0.26 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ahmad R. Chatila acquired 92,500 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was acquired at an average price of $0.54 per share, with a total value of $49,950.00. Following the acquisition, the director now directly owns 777,458 shares in the company, valued at approximately $419,827.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other FTC Solar news, Director Ahmad R. Chatila purchased 92,600 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was purchased at an average price of $0.55 per share, for a total transaction of $50,930.00. Following the purchase, the director now directly owns 870,058 shares in the company, valued at $478,531.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ahmad R. Chatila purchased 92,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was acquired at an average price of $0.54 per share, with a total value of $49,950.00. Following the purchase, the director now owns 777,458 shares in the company, valued at $419,827.32. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 384,300 shares of company stock valued at $200,436. 29.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On FTC Solar

Several large investors have recently bought and sold shares of the company. Electron Capital Partners LLC increased its stake in FTC Solar by 109.1% during the 3rd quarter. Electron Capital Partners LLC now owns 4,298,357 shares of the company’s stock worth $5,502,000 after buying an additional 2,242,410 shares in the last quarter. Rock Point Advisors LLC boosted its holdings in shares of FTC Solar by 39.8% during the 3rd quarter. Rock Point Advisors LLC now owns 1,679,150 shares of the company’s stock worth $2,149,000 after purchasing an additional 478,265 shares during the last quarter. Maven Securities LTD acquired a new position in shares of FTC Solar during the 3rd quarter worth approximately $960,000. Ardsley Advisory Partners LP acquired a new position in shares of FTC Solar during the 3rd quarter worth approximately $800,000. Finally, Essex Investment Management Co. LLC acquired a new position in shares of FTC Solar during the 3rd quarter worth approximately $756,000. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

FTC Solar Company Profile

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.