FTC Solar’s (FTCI) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of FTC Solar (NASDAQ:FTCI) in a research note published on Wednesday morning,Benzinga reports. The firm currently has a $1.50 target price on the stock.

Several other research firms also recently issued reports on FTCI. TD Cowen decreased their price objective on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a report on Friday, August 9th. UBS Group reduced their price target on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $0.85.

FTC Solar Stock Down 4.2 %

FTCI stock opened at $0.42 on Wednesday. The firm has a 50 day moving average of $0.52 and a two-hundred day moving average of $0.44. The company has a market capitalization of $53.88 million, a price-to-earnings ratio of -1.11 and a beta of 1.79. FTC Solar has a 12 month low of $0.18 and a 12 month high of $1.00.

Insider Buying and Selling

In other FTC Solar news, Director Ahmad R. Chatila bought 110,000 shares of FTC Solar stock in a transaction dated Wednesday, September 4th. The shares were bought at an average price of $0.23 per share, with a total value of $25,300.00. Following the purchase, the director now owns 1,713,046 shares of the company’s stock, valued at $394,000.58. This trade represents a 6.86 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders bought 548,000 shares of company stock worth $125,280 in the last quarter. 22.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FTCI. Geode Capital Management LLC raised its holdings in FTC Solar by 9.2% during the 3rd 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 during the period. XTX Topco Ltd acquired a new stake in FTC Solar during the 3rd quarter worth approximately $81,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in FTC Solar during the 2nd quarter worth approximately $42,000. Finally, Mercer Global Advisors Inc. ADV raised its holdings in FTC Solar by 527.9% during 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. Institutional investors own 45.36% of the company’s stock.

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.