Point72 Asia Singapore Pte. Ltd. Makes New Investment in FTC Solar, Inc. (NASDAQ:FTCI)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in FTC Solar, Inc. (NASDAQ:FTCI) in the second quarter, HoldingsChannel.com reports. The fund acquired 119,196 shares of the company’s stock, valued at approximately $42,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV lifted its holdings 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 purchasing an additional 83,334 shares during the last quarter. Fifth Lane Capital LP raised its position 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 valued at $40,000 after purchasing an additional 50,000 shares during the period. TTP Investments Inc. acquired a new stake in FTC Solar during the first quarter worth approximately $80,000. Finally, GSA Capital Partners LLP lifted its holdings 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 last quarter. 45.36% of the stock is currently owned by institutional investors.

Insider Buying and Selling at FTC Solar

In other FTC Solar news, Director Ahmad R. Chatila purchased 212,800 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $0.23 per share, with a total value of $48,944.00. Following the acquisition, the director now owns 1,403,046 shares of the company’s stock, valued at $322,700.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Cortes Isidoro Alfonso Quiroga acquired 321,337 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were bought at an average price of $0.25 per share, with a total value of $80,334.25. Following the acquisition, the director now directly owns 1,941,740 shares in the company, valued at approximately $485,435. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ahmad R. Chatila purchased 212,800 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $0.23 per share, for a total transaction of $48,944.00. Following the completion of the purchase, the director now directly owns 1,403,046 shares of the company’s stock, valued at approximately $322,700.58. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 1,282,137 shares of company stock valued at $304,558. 23.10% of the stock is currently owned by corporate insiders.

FTC Solar Stock Up 5.5 %

FTCI opened at $0.68 on Tuesday. The stock has a market capitalization of $85.49 million, a price-to-earnings ratio of -1.75 and a beta of 1.53. FTC Solar, Inc. has a twelve month low of $0.18 and a twelve month high of $1.49. The company has a 50-day simple moving average of $0.36 and a 200 day simple moving average of $0.42.

FTC Solar (NASDAQ:FTCI) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $11.43 million during the quarter, compared to the consensus estimate of $13.09 million. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. Sell-side analysts anticipate that FTC Solar, Inc. will post -0.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. UBS Group decreased their price target on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research note on Friday, August 9th. TD Cowen decreased their target price on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Five investment 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 stock. According to MarketBeat, FTC Solar presently has a consensus rating of “Moderate Buy” and an average target price of $1.11.

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.