FTC Solar, Inc. (NASDAQ:FTCI) Given Average Rating of “Hold” by Brokerages

FTC Solar, Inc. (NASDAQ:FTCI) has earned an average recommendation of “Hold” from the five brokerages that are presently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $8.13.

Separately, HC Wainwright reissued a “buy” rating and issued a $15.00 price objective on shares of FTC Solar in a report on Wednesday, November 13th.

FTC Solar Price Performance

NASDAQ:FTCI opened at $3.00 on Friday. The company has a market capitalization of $38.33 million, a P/E ratio of -0.79 and a beta of 1.56. The business has a fifty day simple moving average of $4.49 and a two-hundred day simple moving average of $4.10. FTC Solar has a 1 year low of $1.76 and a 1 year high of $8.20.

Insider Activity

In related news, CEO Yann Brandt acquired 31,450 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average price of $3.12 per share, with a total value of $98,124.00. Following the acquisition, the chief executive officer now owns 691,700 shares of the company’s stock, valued at approximately $2,158,104. This trade represents a 4.76 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 22.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On FTC Solar

A number of institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in FTC Solar during the second quarter valued at approximately $42,000. XTX Topco Ltd purchased a new position in shares of FTC Solar during the 3rd quarter valued at $81,000. Mercer Global Advisors Inc. ADV increased its holdings in shares of FTC Solar by 527.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after purchasing an additional 83,334 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of FTC Solar by 9.2% in the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock worth $522,000 after buying an additional 64,325 shares in the last quarter. 45.36% of the stock is owned by hedge funds and other institutional investors.

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.