Shaker Sadasivam Purchases 33,290 Shares of FTC Solar (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam bought 33,290 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The stock was bought at an average price of $2.19 per share, with a total value of $72,905.10. Following the completion of the transaction, the director directly owned 114,798 shares of the company’s stock, valued at $251,407.62. This represents a 40.84% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

FTC Solar Stock Up 9.1%

Shares of NASDAQ FTCI traded up $0.22 during trading hours on Friday, reaching $2.65. 263,423 shares of the stock traded hands, compared to its average volume of 160,995. FTC Solar, Inc. has a 52-week low of $1.99 and a 52-week high of $12.75. The company’s 50-day simple moving average is $3.62 and its two-hundred day simple moving average is $4.72. The company has a market capitalization of $43.78 million, a P/E ratio of -0.42 and a beta of 1.87.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On FTC Solar

Hedge funds have recently made changes to their positions in the business. Walleye Capital LLC purchased a new stake in FTC Solar in the fourth quarter worth $1,482,000. Electron Capital Partners LLC bought a new stake in shares of FTC Solar during the 4th quarter valued at about $979,000. Informed Momentum Co LLC bought a new position in FTC Solar in the fourth quarter worth about $836,000. Marshall Wace LLP purchased a new stake in FTC Solar in the fourth quarter worth about $762,000. Finally, Captrust Financial Advisors bought a new stake in FTC Solar during the 4th quarter valued at approximately $745,000. 45.36% of the stock is 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.