FTC Solar, Inc. (NASDAQ:FTCI) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $1.04.

Several research analysts have issued reports on FTCI shares. UBS Group dropped their price objective on FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research note on Friday, August 9th. TD Cowen dropped their price objective on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research note on Friday, August 9th.

FTC Solar Trading Down 9.3 %

Shares of NASDAQ FTCI opened at $0.54 on Thursday. The business has a fifty day simple moving average of $0.45 and a 200 day simple moving average of $0.43. The firm has a market capitalization of $68.38 million, a price-to-earnings ratio of -1.34 and a beta of 1.76. FTC Solar has a one year low of $0.18 and a one year high of $1.36.

FTC Solar (NASDAQ:FTCI) last issued its earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. FTC Solar had a negative return on equity of 75.67% and a negative net margin of 63.17%. The business had revenue of $11.43 million during the quarter, compared to analyst estimates of $13.09 million. On average, research analysts anticipate that FTC Solar will post -0.36 earnings per share for the current fiscal year.

Insider Activity

In other FTC Solar news, Director Ahmad R. Chatila bought 212,800 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $0.23 per share, for a total transaction of $48,944.00. Following the completion of the purchase, the director now owns 1,403,046 shares in the company, valued at $322,700.58. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other FTC Solar news, Director Ahmad R. Chatila bought 212,800 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $0.23 per share, for a total transaction of $48,944.00. Following the completion of the purchase, the director now owns 1,403,046 shares in the company, valued at $322,700.58. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cortes Isidoro Alfonso Quiroga bought 321,337 shares of the stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average price of $0.25 per share, with a total value of $80,334.25. Following the completion of the purchase, the director now owns 1,941,740 shares of the company’s stock, valued at $485,435. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 1,282,137 shares of company stock worth $304,558. 22.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On FTC Solar

Several hedge funds have recently added to or reduced their stakes in FTCI. GSA Capital Partners LLP boosted its holdings in FTC Solar by 162.2% in the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after acquiring an additional 1,189,960 shares during the last quarter. TTP Investments Inc. bought a new position in FTC Solar in the first quarter valued at about $80,000. Point72 Asia Singapore Pte. Ltd. bought a new position in FTC Solar in the second quarter valued at about $42,000. Mercer Global Advisors Inc. ADV boosted 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 acquiring an additional 83,334 shares during the last quarter. Finally, Fifth Lane Capital LP boosted its holdings in FTC Solar by 200.0% in the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock valued at $40,000 after acquiring an additional 50,000 shares during the last quarter. 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.