FTC Solar, Inc. (NASDAQ:FTCI) Given Average Recommendation of “Hold” by Analysts

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been given a consensus recommendation of “Hold” by the six ratings firms that are covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $0.85.

FTCI has been the subject of several research reports. TD Cowen reduced their target price on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research report on Friday, August 9th. HC Wainwright reaffirmed a “buy” rating and issued a $1.50 price target on shares of FTC Solar in a report on Wednesday, November 13th. Finally, UBS Group cut their price target on FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a report on Friday, August 9th.

Insider Transactions at FTC Solar

In related news, Director Ahmad R. Chatila bought 110,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was bought at an average cost of $0.23 per share, for a total transaction of $25,300.00. Following the transaction, the director now owns 1,713,046 shares of the company’s stock, valued at $394,000.58. This represents a 6.86 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders purchased 448,000 shares of company stock worth $100,280. 22.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FTC Solar

Several institutional investors have recently modified their holdings of FTCI. Mercer Global Advisors Inc. ADV grew its position in shares of 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 period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of FTC Solar during the 2nd quarter valued at about $42,000. XTX Topco Ltd bought a new position in shares of FTC Solar during the 3rd quarter valued at about $81,000. Finally, Geode Capital Management LLC lifted its holdings in shares of FTC Solar by 9.2% during the 3rd quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock valued at $522,000 after purchasing an additional 64,325 shares in the last quarter. 45.36% of the stock is currently owned by institutional investors and hedge funds.

FTC Solar Price Performance

Shares of FTCI stock opened at $0.40 on Monday. The stock has a market cap of $51.61 million, a P/E ratio of -1.06 and a beta of 1.79. FTC Solar has a one year low of $0.18 and a one year high of $1.00. The stock has a fifty day moving average price of $0.53 and a 200 day moving average price of $0.43.

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.