Brokerages Set FTC Solar, Inc. (NASDAQ:FTCI) Target Price at $0.85

Shares of FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) have received an average recommendation of "Hold" from the six ratings firms that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $0.85.

FTCI has been the topic of a number of recent analyst reports. UBS Group reduced 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 report on Friday, August 9th. HC Wainwright reissued a "buy" rating and issued a $1.50 target price on shares of FTC Solar in a report on Wednesday, November 13th. Finally, TD Cowen dropped their price target on FTC Solar from $1.50 to $1.00 and set a "buy" rating for the company in a report on Friday, August 9th.

Insider Activity

In other FTC Solar news, Director Ahmad R. Chatila bought 238,000 shares of the business's stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $0.21 per share, for a total transaction of $49,980.00. Following the transaction, the director now owns 1,951,046 shares in the company, valued at approximately $409,719.66. This trade represents a 13.89 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have purchased 448,000 shares of company stock valued at $100,280 over the last three months. 22.60% of the stock is owned by insiders.

Institutional Investors Weigh In On FTC Solar

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its holdings in FTC Solar by 9.2% during the 3rd quarter. Geode Capital Management LLC now owns 766,863 shares of the company's stock worth $522,000 after acquiring an additional 64,325 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of FTC Solar in the 2nd quarter worth $42,000. XTX Topco Ltd acquired a new stake in shares of FTC Solar during the third quarter worth $81,000. Finally, Mercer Global Advisors Inc. ADV increased its holdings in FTC Solar by 527.9% in the second 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. 45.36% of the stock is owned by institutional investors.

FTC Solar Stock Down 4.4 %

FTC Solar stock traded down $0.02 during mid-day trading on Monday, hitting $0.40. 964,192 shares of the company were exchanged, compared to its average volume of 2,528,482. FTC Solar has a 1-year low of $0.18 and a 1-year high of $1.00. The business has a fifty day moving average of $0.52 and a 200 day moving average of $0.44. The company has a market capitalization of $51.49 million, a PE ratio of -1.06 and a beta of 1.79.

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.