Shaker Sadasivam Acquires 39,583 Shares of FTC Solar (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam bought 39,583 shares of FTC Solar stock in a transaction dated Thursday, August 27th. The stock was acquired at an average cost of $2.35 per share, with a total value of $93,020.05. Following the completion of the acquisition, the director directly owned 154,381 shares of the company’s stock, valued at approximately $362,795.35. The trade was a 34.48% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Shaker Sadasivam also recently made the following trade(s):

• On Wednesday, August 26th, Shaker Sadasivam bought 33,290 shares of FTC Solar stock. The shares were acquired at an average price of $2.19 per share, with a total value of $72,905.10.

FTC Solar Trading Down 7.8%

Shares of NASDAQ FTCI traded down $0.20 during midday trading on Monday, reaching $2.35. 290,814 shares of the company were exchanged, compared to its average volume of 166,046. FTC Solar, Inc. has a 1 year low of $1.99 and a 1 year high of $12.75. The stock has a fifty day simple moving average of $3.57 and a 200 day simple moving average of $4.67. The stock has a market cap of $38.82 million, a P/E ratio of -0.38 and a beta of 1.87.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Roth Capital set a $7.00 price target on FTC Solar and gave the stock a “buy” rating in a report on Wednesday, August 12th. TD Cowen lowered their price objective on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Finally, Wall Street Zen lowered shares of FTC Solar from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $10.50.

Institutional Investors Weigh In On FTC Solar

A number of hedge funds have recently added to or reduced their stakes in FTCI. Goldman Sachs Group Inc. raised its stake in shares of FTC Solar by 81.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after buying an additional 13,715 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of FTC Solar in the second quarter valued at approximately $79,000. Vanguard Group Inc. grew its stake in shares of 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 purchasing an additional 53,391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in FTC Solar during the fourth quarter worth about $296,000. Finally, Geode Capital Management LLC grew its position in FTC Solar by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock worth $1,226,000 after buying an additional 8,518 shares during the period. Institutional investors and hedge funds own 45.36% of the company’s stock.

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.