FTC Solar (NASDAQ:FTCI) Price Target Raised to $12.50

FTC Solar (NASDAQ:FTCI) had its price objective raised by investment analysts at TD Cowen from $8.00 to $12.50 in a report released on Thursday, MarketBeat reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 11.11% from the stock’s current price.

FTCI has been the topic of a number of other research reports. UBS Group reaffirmed a “neutral” rating and issued a $5.50 target price (up previously from $3.80) on shares of FTC Solar in a research report on Monday, August 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of FTC Solar in a research report on Wednesday, October 8th. Finally, Zacks Research cut FTC Solar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 21st. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, FTC Solar presently has an average rating of “Hold” and an average price target of $5.90.

FTC Solar Stock Up 1.4%

FTCI traded up $0.15 during trading hours on Thursday, hitting $11.25. 278,409 shares of the company’s stock were exchanged, compared to its average volume of 114,494. The company has a quick ratio of 1.04, a current ratio of 1.16 and a debt-to-equity ratio of 1.20. FTC Solar has a 1-year low of $2.13 and a 1-year high of $11.40. The stock’s 50-day moving average is $7.80 and its two-hundred day moving average is $5.80. The stock has a market cap of $167.40 million, a price-to-earnings ratio of -2.87 and a beta of 1.46.

Institutional Investors Weigh In On FTC Solar

Several hedge funds have recently bought and sold shares of FTCI. Goldman Sachs Group Inc. grew its position in shares of FTC Solar by 81.3% in the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after purchasing an additional 13,715 shares during the last quarter. Jane Street Group LLC acquired a new position in FTC Solar in the 2nd quarter valued at $79,000. Finally, Vanguard Group Inc. increased its position in FTC Solar by 18.4% during the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock worth $2,417,000 after buying an additional 53,391 shares during the period. 45.36% of the stock is currently owned by institutional investors and hedge funds.

About FTC Solar

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.