FTC Solar (NASDAQ:FTCI) Stock Rating Cut to “Strong Sell” at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen cut shares of FTC Solar (NASDAQ:FTCI – Free Report) from a sell rating to a strong sell rating in a report published on Saturday,Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the company. Roth Capital set a $7.00 price target on FTC Solar and gave the company a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a research note on Monday, September 21st. Finally, UBS Group raised FTC Solar from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $3.50 to $3.60 in a research note on Friday, September 18th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, FTC Solar has an average rating of “Moderate Buy” and a consensus price target of $8.90.

Check Out Our Latest Stock Report on FTC Solar

FTC Solar Trading Up 0.9%

FTCI stock opened at $2.15 on Friday. The firm has a 50-day moving average of $2.44 and a two-hundred day moving average of $3.82. FTC Solar has a 12 month low of $1.99 and a 12 month high of $12.75. The company has a market cap of $35.52 million, a price-to-earnings ratio of -0.34 and a beta of 1.76.

Insider Activity

In other news, Director Shaker Sadasivam purchased 101,083 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was acquired at an average price of $2.69 per share, for a total transaction of $271,913.27. Following the acquisition, the director directly owned 255,464 shares of the company’s stock, valued at approximately $687,198.16. This represents a 65.48% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anthony Carroll purchased 24,745 shares of FTC Solar stock in a transaction dated Tuesday, August 25th. The shares were purchased at an average cost of $2.08 per share, for a total transaction of $51,469.60. Following the transaction, the chief executive officer owned 666,200 shares in the company, valued at approximately $1,385,696. This trade represents a 3.86% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 198,701 shares of company stock worth $489,308 over the last quarter. 21.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its stake in shares of FTC Solar by 178.0% in the first quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock valued at $353,000 after buying an additional 59,800 shares in the last quarter. Laurel Oak Wealth Management LLC acquired a new position in FTC Solar during the 1st quarter worth about $60,000. Finally, Electron Capital Partners LLC purchased a new position in FTC Solar during the 4th quarter valued at about $979,000. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

About FTC Solar

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FTC Solar, Inc (NASDAQ: FTCI) is a technology company that provides solar tracking systems, software and engineering services for utility-scale photovoltaic power projects. Its solutions are designed to improve the positioning of solar panels throughout the day, helping project developers and operators optimize energy production and manage system performance.

The company’s product portfolio includes single-axis solar trackers and related hardware, as well as software tools for project design, energy forecasting, monitoring and operational management.

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