FTC Solar, Inc. (NASDAQ:FTCI) Receives $1.04 Average Price Target from Analysts

FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) has been given an average rating of "Moderate Buy" by the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $1.04.

FTCI has been the topic of several research analyst reports. UBS Group lowered their price objective on FTC Solar from $0.50 to $0.30 and set a "neutral" rating on the stock in a report on Friday, August 9th. TD Cowen lowered their target price on FTC Solar from $1.50 to $1.00 and set a "buy" rating on the stock in a report on Friday, August 9th.

Insiders Place Their Bets

In other news, Director Ahmad R. Chatila acquired 238,000 shares of the stock in a transaction dated 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 purchase, the director now directly owns 1,951,046 shares of the company's stock, valued at approximately $409,719.66. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Cortes Isidoro Alfonso Quiroga purchased 321,337 shares of the business's stock in a transaction on Wednesday, August 14th. The shares were acquired at an average cost of $0.25 per share, with a total value of $80,334.25. Following the completion of the acquisition, the director now owns 1,941,740 shares of the company's stock, valued at $485,435. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ahmad R. Chatila bought 238,000 shares of the stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $0.21 per share, with a total value of $49,980.00. Following the purchase, the director now owns 1,951,046 shares of the company's stock, valued at $409,719.66. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 1,282,137 shares of company stock valued at $304,558 in the last three months. Insiders own 23.10% of the company's stock.

Hedge Funds Weigh In On FTC Solar

Several institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of FTC Solar during the 2nd quarter worth about $42,000. Mercer Global Advisors Inc. ADV lifted its holdings in FTC Solar by 527.9% in 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. TTP Investments Inc. bought a new position in FTC Solar during the 1st quarter valued at about $80,000. GSA Capital Partners LLP grew its position in shares of FTC Solar by 162.2% during the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company's stock valued at $1,037,000 after purchasing an additional 1,189,960 shares in the last quarter. Finally, Fifth Lane Capital LP grew its position 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 buying an additional 50,000 shares in the last quarter. Institutional investors own 45.36% of the company's stock.

FTC Solar Stock Performance

Shares of NASDAQ FTCI traded up $0.05 during trading hours on Thursday, hitting $0.71. The stock had a trading volume of 1,485,308 shares, compared to its average volume of 2,626,360. The company has a market capitalization of $88.64 million, a P/E ratio of -1.68 and a beta of 1.76. The firm's 50-day moving average price is $0.42 and its two-hundred day moving average price is $0.43. FTC Solar has a 52 week low of $0.18 and a 52 week high of $1.36.

FTC Solar (NASDAQ:FTCI - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.11) by $0.01. The company had revenue of $11.43 million for the quarter, compared to the consensus estimate of $13.09 million. FTC Solar had a negative return on equity of 75.67% and a negative net margin of 63.17%. As a group, analysts expect that FTC Solar will post -0.3 EPS for the current fiscal year.

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.