FTC Solar, Inc. (NASDAQ:FTCI) Receives $9.20 Average PT from Brokerages

by · The Cerbat Gem

Shares of FTC Solar, Inc. (NASDAQ:FTCI – Get Free Report) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $9.20.

A number of research analysts have weighed in on FTCI shares. UBS Group restated a “neutral” rating and issued a $10.00 price objective (up previously from $5.50) on shares of FTC Solar in a report on Tuesday, December 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, December 8th. Zacks Research upgraded shares of FTC Solar from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. TD Cowen upped their price objective on shares of FTC Solar from $8.00 to $12.50 and gave the company a “buy” rating in a research note on Thursday, November 13th. Finally, Roth Capital set a $15.00 target price on shares of FTC Solar in a research note on Monday, November 17th.

View Our Latest Analysis on FTCI

FTC Solar Trading Down 4.0%

Shares of FTC Solar stock opened at $9.59 on Monday. The company has a current ratio of 1.66, a quick ratio of 1.53 and a debt-to-equity ratio of 1.20. FTC Solar has a twelve month low of $2.13 and a twelve month high of $11.45. The firm has a market capitalization of $143.27 million, a PE ratio of -2.21 and a beta of 1.45. The firm’s 50-day moving average price is $8.82 and its 200 day moving average price is $6.72.

FTC Solar (NASDAQ:FTCI – Get Free Report) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.14. The company had revenue of $26.03 million during the quarter, compared to analyst estimates of $21.12 million. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 69.25%. On average, sell-side analysts predict that FTC Solar will post -3.98 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David Springer sold 100,000 shares of FTC Solar stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $8.98, for a total transaction of $898,000.00. Following the transaction, the director owned 689,222 shares in the company, valued at approximately $6,189,213.56. This trade represents a 12.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 21.00% of the company’s stock.

Institutional Trading of FTC Solar

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of FTC Solar by 18.4% during the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock worth $2,417,000 after acquiring an additional 53,391 shares during the period. Goldman Sachs Group Inc. raised its stake in FTC Solar by 81.3% during the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after purchasing an additional 13,715 shares during the period. Finally, Jane Street Group LLC purchased a new position in FTC Solar during the second quarter worth about $79,000. 45.36% of the stock is owned by institutional investors and hedge funds.

About FTC Solar

(Get Free Report)

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.

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