FTC Solar (NASDAQ:FTCI) Director Acquires 101,083 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam acquired 101,083 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The stock was acquired at an average price of $2.69 per share, with a total value of $271,913.27. Following the completion of the transaction, the director directly owned 255,464 shares in the company, valued at $687,198.16. This trade represents a 65.48% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Shaker Sadasivam also recently made the following trade(s):

• On Thursday, August 27th, Shaker Sadasivam bought 39,583 shares of FTC Solar stock. The shares were acquired at an average cost of $2.35 per share, with a total value of $93,020.05.
• On Wednesday, August 26th, Shaker Sadasivam bought 33,290 shares of FTC Solar stock. The shares were bought at an average price of $2.19 per share, for a total transaction of $72,905.10.

FTC Solar Stock Performance

Shares of FTCI opened at $2.35 on Tuesday. FTC Solar, Inc. has a twelve month low of $1.99 and a twelve month high of $12.75. The firm’s 50 day moving average price is $3.51 and its two-hundred day moving average price is $4.61. The firm has a market cap of $38.82 million, a P/E ratio of -0.38 and a beta of 1.87.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On FTC Solar

Hedge funds have recently modified their holdings of the stock. Jane Street Group LLC acquired a new stake in shares of FTC Solar in the fourth quarter valued at about $135,000. Quadrature Capital Ltd acquired a new position in FTC Solar during the fourth quarter valued at approximately $419,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in FTC Solar during the fourth quarter valued at approximately $296,000. Electron Capital Partners LLC bought a new position in FTC Solar in the fourth quarter valued at approximately $979,000. Finally, Renaissance Technologies LLC grew its stake in FTC Solar by 178.0% in the first quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock valued at $353,000 after purchasing an additional 59,800 shares in the last quarter. Institutional investors own 45.36% of the company’s stock.

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.