Analysts Set FTC Solar, Inc. (NASDAQ:FTCI) Price Target at $12.50

FTC Solar, Inc. (NASDAQ:FTCI) has been assigned an average rating of “Hold” from the six ratings firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $12.50.

Several analysts have weighed in on the company. TD Cowen lowered their target price on FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen raised FTC Solar from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th.

FTC Solar Stock Performance

NASDAQ:FTCI opened at $5.08 on Friday. The stock has a fifty day moving average price of $4.80 and a two-hundred day moving average price of $7.01. The stock has a market capitalization of $81.28 million, a price-to-earnings ratio of -0.89 and a beta of 1.81. FTC Solar has a 1 year low of $3.20 and a 1 year high of $12.75.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $24.26 million. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 42.12%. On average, analysts predict that FTC Solar will post -1.61 EPS for the current year.

Insiders Place Their Bets

In other news, Director Shaker Sadasivam bought 27,025 shares of the stock in a transaction on Wednesday, May 6th. The shares were bought at an average price of $3.70 per share, with a total value of $99,992.50. Following the completion of the acquisition, the director owned 81,508 shares of the company’s stock, valued at approximately $301,579.60. This trade represents a 49.60% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired a total of 36,775 shares of company stock valued at $134,810 over the last quarter. 21.00% of the stock is currently owned by corporate insiders.

Institutional Trading of FTC Solar

Several large investors have recently bought and sold shares of FTCI. Goldman Sachs Group Inc. grew its holdings in 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 stake in shares of FTC Solar during the second quarter valued at $79,000. Vanguard Group Inc. boosted its stake in shares of FTC Solar by 18.4% during the third quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after acquiring an additional 53,391 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of FTC Solar during the fourth quarter valued at $296,000. Finally, Geode Capital Management LLC boosted its stake in shares of FTC Solar by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock valued at $1,226,000 after acquiring an additional 8,518 shares during the last quarter. Institutional investors and hedge funds own 45.36% of the company’s stock.

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.