FTC Solar, Inc. (NASDAQ:FTCI) Receives $0.85 Consensus PT from Analysts

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $0.85.

FTCI has been the subject of a number of recent analyst reports. TD Cowen lowered their price target on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research note on Friday, August 9th. UBS Group dropped their price target on FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $1.50 price objective on shares of FTC Solar in a research report on Wednesday, November 13th.

FTC Solar Stock Down 2.2 %

Shares of NASDAQ FTCI opened at $0.40 on Monday. The firm’s 50-day simple moving average is $0.53 and its 200 day simple moving average is $0.43. The company has a market cap of $51.61 million, a price-to-earnings ratio of -1.06 and a beta of 1.79. FTC Solar has a 12-month low of $0.18 and a 12-month high of $1.00.

Insider Activity at FTC Solar

In other FTC Solar news, Director Ahmad R. Chatila acquired 238,000 shares of FTC Solar stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $0.21 per share, with a total value of $49,980.00. Following the completion of the purchase, the director now directly owns 1,951,046 shares of the company’s stock, valued at $409,719.66. This represents a 13.89 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 22.60% of the stock is currently owned by insiders.

Institutional Trading of FTC Solar

Hedge funds have recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV boosted its stake in shares of FTC Solar by 527.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after purchasing an additional 83,334 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of FTC Solar during the second quarter worth about $42,000. XTX Topco Ltd bought a new position in shares of FTC Solar during the third quarter worth about $81,000. Finally, Geode Capital Management LLC raised its position in shares of FTC Solar by 9.2% during the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock worth $522,000 after acquiring an additional 64,325 shares during the last quarter. 45.36% of the stock is owned by institutional investors and hedge funds.

About FTC Solar

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.