FTC Solar (NASDAQ:FTCI) Stock Price Down 7.9% – What’s Next?

Shares of FTC Solar, Inc. (NASDAQ:FTCI) dropped 7.9% during trading on Monday . The company traded as low as $2.85 and last traded at $2.91. Approximately 129,664 shares were traded during trading, an increase of 24% from the average daily volume of 104,414 shares. The stock had previously closed at $3.16.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “buy” rating and set a $15.00 price target on shares of FTC Solar in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, FTC Solar has a consensus rating of “Hold” and a consensus price target of $8.13.

FTC Solar Trading Down 7.9 %

The firm has a market capitalization of $37.41 million, a PE ratio of -0.77 and a beta of 1.22. The company has a fifty day moving average price of $4.04 and a two-hundred day moving average price of $4.12.

Insider Buying and Selling at FTC Solar

In other FTC Solar news, CEO Yann Brandt bought 31,450 shares of the stock in a transaction dated Friday, December 13th. The shares were acquired at an average cost of $3.12 per share, for a total transaction of $98,124.00. Following the completion of the transaction, the chief executive officer now owns 691,700 shares in the company, valued at approximately $2,158,104. The trade was a 4.76 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 22.60% of the stock is owned by company insiders.

Institutional Trading of FTC Solar

An institutional investor recently raised its position in FTC Solar stock. Geode Capital Management LLC grew its holdings in FTC Solar, Inc. (NASDAQ:FTCI) by 9.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 766,863 shares of the company’s stock after buying an additional 64,325 shares during the period. Geode Capital Management LLC owned 0.60% of FTC Solar worth $522,000 at the end of the most recent reporting period. 45.36% of the stock is owned by 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.