FTC Solar (NASDAQ:FTCI) Shares Down 4.4%

FTC Solar, Inc. (NASDAQ:FTCI)’s share price fell 4.4% during mid-day trading on Wednesday . The stock traded as low as $9.29 and last traded at $9.29. 2,026 shares traded hands during mid-day trading, a decline of 100% from the average session volume of 752,459 shares. The stock had previously closed at $9.72.

FTCI has been the topic of a number of research reports. Roth Capital initiated coverage on shares of FTC Solar in a research report on Monday, May 24th. They set a “buy” rating and a $15.00 target price on the stock. Zacks Investment Research raised shares of FTC Solar from a “sell” rating to a “hold” rating in a research report on Thursday, September 9th. Piper Sandler lifted their price objective on shares of FTC Solar from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Thursday, August 26th. Barclays started coverage on shares of FTC Solar in a research note on Monday, May 24th. They issued an “equal weight” rating and a $11.00 price objective for the company. Finally, Bank of America cut FTC Solar from a “buy” rating to a “neutral” rating and decreased their price target for the company from $12.00 to $11.50 in a research note on Wednesday, June 9th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $14.56.

The stock has a fifty day moving average of $10.33.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings data on Wednesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.08). The firm had revenue of $50.11 million for the quarter, compared to analysts’ expectations of $44.23 million. Analysts forecast that FTC Solar, Inc. will post -0.62 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of the company. Legal & General Group Plc acquired a new position in shares of FTC Solar during the 2nd quarter worth approximately $27,000. Deutsche Bank AG purchased a new position in FTC Solar during the second quarter valued at $151,000. Rhumbline Advisers purchased a new position in FTC Solar during the second quarter valued at $191,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of FTC Solar during the second quarter worth about $217,000. Finally, California State Teachers Retirement System acquired a new position in shares of FTC Solar during the 2nd quarter worth about $349,000. Institutional investors and hedge funds own 26.36% of the company’s stock.

FTC Solar Company Profile (NASDAQ:FTCI)

FTC Solar, Inc provides solar tracker systems, and software and engineering services in the United States and internationally. The company markets its two-panel in-portrait single-axis tracker systems under the Voyager brand name. Its software solutions include SunPath, a solution to enhance energy production; SunDAT, an online 3D solar PV design solution; and Atlas, a solar portfolio management solution.

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