FTC Solar, Inc. (NASDAQ:FTCI) Receives $1.49 Average Target Price from Brokerages

FTC Solar, Inc. (NASDAQ:FTCI) has received an average rating of “Hold” from the seven analysts that are covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $1.49.

A number of brokerages have commented on FTCI. Roth Capital cut shares of FTC Solar from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. HC Wainwright reduced their price target on FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a research report on Thursday, March 14th. Finally, Roth Mkm reaffirmed a “neutral” rating and set a $0.45 price objective (down from $2.00) on shares of FTC Solar in a research report on Thursday, March 14th.

FTC Solar Stock Down 10.5 %

FTC Solar stock opened at $0.51 on Thursday. The company has a market capitalization of $64.56 million, a P/E ratio of -1.19 and a beta of 1.62. FTC Solar has a twelve month low of $0.28 and a twelve month high of $3.87. The stock’s 50 day moving average is $0.49 and its 200 day moving average is $0.61.

FTC Solar (NASDAQ:FTCI) last announced its quarterly earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $23.20 million for the quarter, compared to the consensus estimate of $22.80 million. FTC Solar had a negative net margin of 39.60% and a negative return on equity of 59.79%. During the same quarter last year, the firm posted ($0.16) EPS. As a group, equities analysts expect that FTC Solar will post -0.26 EPS for the current year.

Insider Transactions at FTC Solar

In related news, insider Patrick Cook sold 48,911 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $0.53, for a total value of $25,922.83. Following the transaction, the insider now directly owns 1,245,205 shares of the company’s stock, valued at approximately $659,958.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Patrick Cook sold 48,911 shares of FTC Solar stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $0.53, for a total transaction of $25,922.83. Following the sale, the insider now owns 1,245,205 shares in the company, valued at $659,958.65. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ahmad R. Chatila bought 101,800 shares of the stock in a transaction dated Monday, March 18th. The stock was bought at an average cost of $0.49 per share, for a total transaction of $49,882.00. Following the acquisition, the director now directly owns 684,958 shares of the company’s stock, valued at approximately $335,629.42. The disclosure for this purchase can be found here. Insiders acquired a total of 384,300 shares of company stock valued at $200,436 over the last 90 days. Company insiders own 29.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new stake in shares of FTC Solar in the fourth quarter worth about $35,000. Fifth Lane Capital LP raised its holdings in shares of FTC Solar by 200.0% during the 1st 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 in the last quarter. Connors Investor Services Inc. bought a new position in shares of FTC Solar during the 3rd quarter valued at approximately $64,000. Raymond James Financial Services Advisors Inc. grew its holdings in shares of FTC Solar by 165.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 127,859 shares of the company’s stock valued at $164,000 after purchasing an additional 79,695 shares in the last quarter. Finally, Graham Capital Management L.P. increased its position in FTC Solar by 225.7% in the third quarter. Graham Capital Management L.P. now owns 217,061 shares of the company’s stock worth $278,000 after purchasing an additional 150,407 shares during the last quarter. Institutional investors 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.