FTC Solar (NASDAQ:FTCI) Stock Price Down 10.5% – Here’s Why

FTC Solar, Inc. (NASDAQ:FTCI)’s share price fell 10.5% on Friday . The stock traded as low as $3.70 and last traded at $3.85. Approximately 395,538 shares were traded during trading, an increase of 335% from the average daily volume of 90,875 shares. The stock had previously closed at $4.30.

Wall Street Analyst Weigh In

FTCI has been the subject of several recent research reports. TD Cowen dropped their price target on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Finally, Wall Street Zen upgraded FTC Solar from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $12.50.

FTC Solar Stock Down 10.5%

The company has a market capitalization of $61.62 million, a P/E ratio of -0.67 and a beta of 1.80. The stock has a fifty day simple moving average of $4.85 and a 200-day simple moving average of $6.51.

FTC Solar (NASDAQ:FTCI) last issued its earnings results on Tuesday, May 5th. The company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.26). The firm had revenue of $17.27 million for the quarter, compared to the consensus estimate of $24.26 million. Analysts predict that FTC Solar, Inc. will post -1.61 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its position in FTC Solar by 178.0% during the 1st quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock worth $353,000 after acquiring an additional 59,800 shares during the last quarter. Laurel Oak Wealth Management LLC acquired a new stake in FTC Solar during the 1st quarter valued at $60,000. Mercer Global Advisors Inc. ADV bought a new position in FTC Solar in the 4th quarter valued at $109,000. Quadrature Capital Ltd bought a new position in FTC Solar in the 4th quarter valued at $419,000. Finally, Electron Capital Partners LLC acquired a new position in FTC Solar in the fourth quarter worth $979,000. Institutional investors 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.