FTC Solar, Inc. (NASDAQ:FTCI) Receives $1.11 Average Price Target from Analysts

by · The Cerbat Gem

FTC Solar, Inc. (NASDAQ:FTCI – Get Free Report) has earned an average rating of “Moderate Buy” from the seven analysts that are presently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $1.04.

Several research analysts recently commented on the company. TD Cowen lowered their target price 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 decreased their price objective on FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research note on Friday, August 9th.

Read Our Latest Stock Report on FTC Solar

FTC Solar Price Performance

Shares of FTC Solar stock opened at $0.53 on Friday. The stock has a market capitalization of $66.10 million, a price-to-earnings ratio of -1.35 and a beta of 1.76. The business has a 50-day moving average of $0.37 and a 200 day moving average of $0.43. FTC Solar has a 12 month low of $0.18 and a 12 month high of $1.49.

FTC Solar (NASDAQ:FTCI – Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. The business had revenue of $11.43 million during the quarter, compared to analyst estimates of $13.09 million. Equities research analysts anticipate that FTC Solar will post -0.32 earnings per share for the current year.

Insider Transactions at FTC Solar

In other FTC Solar news, Director Cortes Isidoro Alfonso Quiroga bought 321,337 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were acquired at an average price of $0.25 per share, with a total value of $80,334.25. Following the transaction, the director now owns 1,941,740 shares of the company’s stock, valued at approximately $485,435. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Ahmad R. Chatila purchased 110,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were purchased at an average cost of $0.23 per share, for a total transaction of $25,300.00. Following the purchase, the director now directly owns 1,713,046 shares of the company’s stock, valued at $394,000.58. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Cortes Isidoro Alfonso Quiroga purchased 321,337 shares of FTC Solar stock in a transaction that occurred on Wednesday, August 14th. The stock was bought at an average cost of $0.25 per share, with a total value of $80,334.25. Following the completion of the transaction, the director now owns 1,941,740 shares of the company’s stock, valued at $485,435. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 1,282,137 shares of company stock valued at $304,558. 23.10% of the stock is currently owned by corporate insiders.

Institutional Trading of FTC Solar

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV grew its stake in FTC Solar by 527.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after buying an additional 83,334 shares during the last quarter. Fifth Lane Capital LP grew its position in shares of FTC Solar by 200.0% during the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after acquiring an additional 50,000 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of FTC Solar in the 2nd quarter valued at $42,000. TTP Investments Inc. purchased a new stake in FTC Solar in the 1st quarter valued at $80,000. Finally, GSA Capital Partners LLP boosted its stake in FTC Solar by 162.2% during the 1st quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock worth $1,037,000 after purchasing an additional 1,189,960 shares during the period. Institutional investors and hedge funds own 45.36% of the company’s stock.

About FTC Solar

(Get Free Report

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.

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