Insider Buying: FTC Solar (NASDAQ:FTCI) Director Acquires $99,992.50 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam purchased 27,025 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The shares were purchased at an average price of $3.70 per share, with a total value of $99,992.50. Following the completion of the transaction, the director directly owned 81,508 shares of the company’s stock, valued at $301,579.60. This represents a 49.60% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

FTC Solar Stock Performance

Shares of FTCI opened at $4.39 on Friday. The stock has a 50 day moving average price of $4.74 and a 200 day moving average price of $8.10. The stock has a market capitalization of $70.24 million, a price-to-earnings ratio of -0.76 and a beta of 1.81. FTC Solar, Inc. has a one year low of $3.20 and a one year high of $12.75.

FTC Solar (NASDAQ:FTCI) last issued its earnings results on Tuesday, May 5th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.26). The company had revenue of $17.27 million during the quarter, compared to analysts’ expectations of $24.26 million. FTC Solar had a negative net margin of 42.12% and a negative return on equity of 549.96%. On average, analysts predict that FTC Solar, Inc. will post -1.56 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Laurel Oak Wealth Management LLC acquired a new position in FTC Solar in the first quarter valued at about $60,000. Jane Street Group LLC acquired a new position in FTC Solar during the 2nd quarter worth about $79,000. Goldman Sachs Group Inc. lifted its stake in 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 acquiring an additional 13,715 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in FTC Solar during the 4th quarter worth about $109,000. Finally, Hudson Bay Capital Management LP acquired a new position in FTC Solar during the 4th quarter worth about $135,000. Institutional investors and hedge funds own 45.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FTCI shares. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a research report on Friday, March 27th. TD Cowen decreased their target price 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. Finally, Wall Street Zen cut shares of FTC Solar from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, FTC Solar has an average rating of “Hold” and an average target price of $12.50.

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.