FTC Solar (NASDAQ:FTCI) Stock Rating Lowered by Zacks Research

FTC Solar (NASDAQ:FTCI) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other research analysts have also recently issued reports on the company. UBS Group reaffirmed a “neutral” rating and set a $5.50 price objective (up from $3.80) on shares of FTC Solar in a research report on Monday, August 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of FTC Solar in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $4.25.

FTC Solar Trading Down 6.9%

FTCI opened at $7.82 on Tuesday. FTC Solar has a 12 month low of $2.13 and a 12 month high of $9.50. The stock has a market capitalization of $116.36 million, a price-to-earnings ratio of -1.99 and a beta of 1.43. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.16 and a quick ratio of 1.04. The business has a fifty day moving average price of $7.09 and a 200 day moving average price of $5.15.

Institutional Trading of FTC Solar

An institutional investor recently raised its position in FTC Solar stock. Goldman Sachs Group Inc. raised its stake in shares of FTC Solar, Inc. (NASDAQ:FTCI) by 81.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,581 shares of the company’s stock after acquiring an additional 13,715 shares during the period. Goldman Sachs Group Inc. owned approximately 0.23% of FTC Solar worth $88,000 as of its most recent SEC filing. Institutional investors and hedge funds own 45.36% of the company’s stock.

FTC Solar Company Profile

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.