FTC Solar, Inc. (NASDAQ:FTCI) Director Purchases $49,674.00 in Stock

FTC Solar, Inc. (NASDAQ:FTCIGet Free Report) Director Ahmad R. Chatila acquired 97,400 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was bought at an average cost of $0.51 per share, with a total value of $49,674.00. Following the acquisition, the director now owns 967,458 shares in the company, valued at $493,403.58. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

FTC Solar Price Performance

FTCI stock opened at $0.54 on Friday. The business has a 50 day simple moving average of $0.53 and a 200-day simple moving average of $0.78. The firm has a market capitalization of $67.38 million, a PE ratio of -1.25 and a beta of 1.60. FTC Solar, Inc. has a 1 year low of $0.28 and a 1 year high of $3.87.

FTC Solar (NASDAQ:FTCIGet Free Report) last issued its quarterly earnings data on Wednesday, March 13th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.01. The company had revenue of $23.20 million during the quarter, compared to analyst estimates of $22.80 million. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. During the same period in the prior year, the business posted ($0.16) earnings per share. On average, equities research analysts expect that FTC Solar, Inc. will post -0.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FTCI shares. Roth Capital cut FTC Solar from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. HC Wainwright cut their price objective on FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a research note on Thursday, March 14th. Northland Securities boosted their price objective on FTC Solar from $0.65 to $1.00 and gave the stock a “market perform” rating in a research note on Friday, December 15th. Finally, Roth Mkm reiterated a “neutral” rating and set a $0.45 price objective (down from $2.00) on shares of FTC Solar in a research note on Thursday, March 14th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, FTC Solar has an average rating of “Hold” and a consensus target price of $1.49.

View Our Latest Analysis on FTCI

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FTCI. Electron Capital Partners LLC lifted its stake in FTC Solar by 109.1% during the third quarter. Electron Capital Partners LLC now owns 4,298,357 shares of the company’s stock worth $5,502,000 after purchasing an additional 2,242,410 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of FTC Solar by 627.0% in the second quarter. Point72 Asset Management L.P. now owns 2,181,143 shares of the company’s stock valued at $7,023,000 after acquiring an additional 1,881,143 shares in the last quarter. BlackRock Inc. raised its stake in shares of FTC Solar by 67.7% in the first quarter. BlackRock Inc. now owns 2,164,042 shares of the company’s stock valued at $10,670,000 after acquiring an additional 873,868 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of FTC Solar by 330.5% in the second quarter. Goldman Sachs Group Inc. now owns 999,564 shares of the company’s stock valued at $3,219,000 after acquiring an additional 767,398 shares in the last quarter. Finally, Maven Securities LTD acquired a new stake in shares of FTC Solar in the third quarter valued at $960,000. 45.36% of the stock is currently owned by institutional investors and hedge funds.

FTC Solar Company Profile

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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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