FTC Solar (NASDAQ:FTCI) Trading Down 5.4% - Time to Sell?

Shares of FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) traded down 5.4% during mid-day trading on Monday . The stock traded as low as $5.62 and last traded at $5.73. 182,337 shares were traded during mid-day trading, a decline of 12% from the average session volume of 207,014 shares. The stock had previously closed at $6.06.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a "buy" rating and set a $15.00 price target on shares of FTC Solar in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $8.13.

FTC Solar Trading Down 4.9 %

The stock's 50 day moving average is $4.22 and its two-hundred day moving average is $4.11. The stock has a market capitalization of $70.05 million, a price-to-earnings ratio of -1.43 and a beta of 1.27.

Insider Transactions at FTC Solar

In other FTC Solar news, CEO Yann Brandt acquired 31,450 shares of the stock in a transaction dated Friday, December 13th. The shares were bought at an average cost of $3.12 per share, for a total transaction of $98,124.00. Following the completion of the acquisition, the chief executive officer now directly owns 691,700 shares of the company's stock, valued at approximately $2,158,104. This trade represents a 4.76 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FTCI. Geode Capital Management LLC increased its position 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 worth $522,000 after purchasing an additional 64,325 shares during the last quarter. XTX Topco Ltd bought a new position in FTC Solar during the third quarter worth about $81,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in FTC Solar during the second quarter worth approximately $42,000. Finally, Mercer Global Advisors Inc. ADV raised its stake 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 buying an additional 83,334 shares during the period. Institutional investors own 45.36% of the company's stock.

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.