FTC Solar, Inc. (NASDAQ:FTCI) Director Buys $80,334.25 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Cortes Isidoro Alfonso Quiroga purchased 321,337 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was acquired at an average cost of $0.25 per share, for a total transaction of $80,334.25. Following the completion of the purchase, the director now owns 1,941,740 shares of the company’s stock, valued at approximately $485,435. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

FTC Solar Price Performance

Shares of NASDAQ FTCI opened at $0.24 on Monday. The company has a 50-day moving average price of $0.38 and a 200-day moving average price of $0.46. The stock has a market capitalization of $29.82 million, a P/E ratio of -0.61 and a beta of 1.59. FTC Solar, Inc. has a 1 year low of $0.18 and a 1 year high of $2.11.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. UBS Group lowered their price objective on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research note on Friday, August 9th. TD Cowen dropped their price objective on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, HC Wainwright restated a “buy” rating and issued a $1.50 target price on shares of FTC Solar in a research note on Monday, May 13th. Five investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1.11.

Hedge Funds Weigh In On FTC Solar

A number of hedge funds have recently added to or reduced their stakes in the stock. Fifth Lane Capital LP raised its stake in shares of FTC Solar by 200.0% in the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after purchasing an additional 50,000 shares during the last quarter. SG Americas Securities LLC purchased a new stake in FTC Solar in the 4th quarter valued at $35,000. Mercer Global Advisors Inc. ADV lifted 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 valued at $35,000 after acquiring an additional 83,334 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in FTC Solar during the 2nd quarter worth $42,000. Finally, TTP Investments Inc. bought a new stake in shares of FTC Solar in the 1st quarter worth $80,000. Institutional investors and hedge funds own 45.36% of the company’s stock.

FTC Solar Company Profile

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.