FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Rating of “Hold” from Analysts

Shares of FTC Solar, Inc. (NASDAQ:FTCI) have received a consensus rating of “Hold” from the six ratings firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $5.90.

FTCI has been the subject of several research analyst reports. UBS Group reaffirmed a “neutral” rating and issued a $5.50 price objective (up previously from $3.80) on shares of FTC Solar in a report on Monday, August 18th. Zacks Research lowered FTC Solar from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 21st. 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. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of FTC Solar in a research report on Wednesday, October 8th.

Hedge Funds Weigh In On FTC Solar

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of FTC Solar by 18.4% in the third 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 last quarter. Jane Street Group LLC acquired a new stake in FTC Solar in the second quarter valued at approximately $79,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of FTC Solar by 81.3% during the 1st 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 last quarter. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

FTC Solar Stock Performance

FTCI stock opened at $10.61 on Thursday. FTC Solar has a 1 year low of $2.13 and a 1 year high of $11.40. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.04 and a current ratio of 1.16. The stock has a market capitalization of $157.88 million, a price-to-earnings ratio of -2.71 and a beta of 1.46. The stock’s fifty day moving average is $7.80 and its two-hundred day moving average is $5.80.

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.