Wall Street Zen Downgrades FTC Solar (NASDAQ:FTCI) to Sell

FTC Solar (NASDAQ:FTCI) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

FTCI has been the subject of a number of other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. TD Cowen dropped their target price on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $12.50.

FTC Solar Stock Performance

Shares of FTC Solar stock opened at $2.72 on Friday. The firm has a market capitalization of $44.77 million, a PE ratio of -0.44 and a beta of 1.87. The business’s 50-day moving average price is $4.34 and its 200-day moving average price is $5.54. FTC Solar has a 12 month low of $2.57 and a 12 month high of $12.75.

Institutional Trading of FTC Solar

Several institutional investors and hedge funds have recently bought and sold shares of FTCI. Mercer Global Advisors Inc. ADV bought a new position in shares of FTC Solar in the 4th quarter worth approximately $109,000. Hudson Bay Capital Management LP purchased a new stake in FTC Solar in the fourth quarter worth $135,000. Jane Street Group LLC bought a new position in FTC Solar in the fourth quarter worth $135,000. Laurel Oak Wealth Management LLC bought a new position in FTC Solar in the first quarter worth $60,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in FTC Solar during the fourth quarter valued at $296,000. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

FTC Solar Company Profile

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.