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

FTC Solar, Inc. (NASDAQ:FTCI) has earned a consensus recommendation of “Hold” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $10.50.

Several research firms have weighed in on FTCI. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Wall Street Zen lowered shares of FTC Solar from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Roth Capital set a $7.00 price objective on shares of FTC Solar and gave the company a “buy” rating in a research report on Wednesday. Finally, TD Cowen dropped their price objective on FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th.

Hedge Funds Weigh In On FTC Solar

Several institutional investors and hedge funds have recently modified their holdings of FTCI. Vanguard Group Inc. increased its position 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 worth $2,417,000 after acquiring an additional 53,391 shares in the last quarter. Walleye Capital LLC bought a new stake in FTC Solar in the 4th quarter valued at $1,482,000. Geode Capital Management LLC boosted its stake in FTC Solar by 8.2% in the 4th quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock worth $1,226,000 after purchasing an additional 8,518 shares during the period. Renaissance Technologies LLC boosted its stake in FTC Solar by 178.0% in the 1st quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock worth $353,000 after purchasing an additional 59,800 shares during the period. Finally, Electron Capital Partners LLC bought a new position in FTC Solar during the 4th quarter worth about $979,000. 45.36% of the stock is currently owned by institutional investors and hedge funds.

FTC Solar Price Performance

FTC Solar stock opened at $2.34 on Friday. The firm has a market capitalization of $38.66 million, a price-to-earnings ratio of -0.37 and a beta of 1.87. The company’s 50 day simple moving average is $4.05 and its 200 day simple moving average is $5.27. FTC Solar has a fifty-two week low of $2.28 and a fifty-two week high of $12.75.

About FTC Solar

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.