Wall Street Zen Upgrades FTC Solar (NASDAQ:FTCI) to “Hold”

FTC Solar (NASDAQ:FTCI) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “hold” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other research firms have also issued reports on FTCI. UBS Group raised FTC Solar from a “neutral” rating to a “buy” rating and raised their price target for the stock from $3.50 to $3.60 in a report on Friday, September 18th. Zacks Research upgraded FTC Solar to a “hold” rating in a research report on Friday, October 23rd. Roth Capital set a $7.00 price objective on FTC Solar and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, September 21st. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $8.90.

FTC Solar Price Performance

Shares of NASDAQ:FTCI opened at $1.56 on Friday. The stock has a market cap of $28.54 million, a P/E ratio of -0.30 and a beta of 1.75. The firm has a fifty day moving average price of $1.97 and a 200 day moving average price of $4.39. FTC Solar has a 1-year low of $1.17 and a 1-year high of $12.75.

Insider Buying and Selling at FTC Solar

In other news, Director Shaker Sadasivam bought 101,083 shares of FTC Solar stock in a transaction dated Friday, August 28th. The stock was bought at an average price of $2.69 per share, for a total transaction of $271,913.27. Following the purchase, the director owned 255,464 shares of the company’s stock, valued at approximately $687,198.16. The trade was a 65.48% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Anthony Carroll bought 24,745 shares of the stock in a transaction dated Tuesday, August 25th. The stock was purchased at an average cost of $2.08 per share, for a total transaction of $51,469.60. Following the acquisition, the chief executive officer owned 666,200 shares of the company’s stock, valued at approximately $1,385,696. This represents a 3.86% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 198,701 shares of company stock valued at $489,308 in the last 90 days. Company insiders own 19.20% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

A hedge fund recently raised its position in FTC Solar stock. Renaissance Technologies LLC raised its holdings in FTC Solar, Inc. (NASDAQ:FTCI) by 178.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 93,400 shares of the company’s stock after acquiring an additional 59,800 shares during the quarter. Renaissance Technologies LLC owned 0.58% of FTC Solar worth $353,000 as of its most recent filing with the SEC. 45.36% of the stock is currently owned by institutional investors.

About FTC Solar

FTC Solar, Inc (NASDAQ: FTCI) provides solar tracker systems, software, and engineering services for utility-scale photovoltaic projects. Its technology is designed to help solar panels follow the sun throughout the day, increasing energy production and supporting more efficient project development and operation.

The company’s offerings include single-axis tracker systems, proprietary tracker-control and optimization software, and related engineering, technical, and installation support.