TD Cowen Issues Positive Forecast for FTC Solar (NASDAQ:FTCI) Stock Price

FTC Solar (NASDAQ:FTCI) had its target price upped by investment analysts at TD Cowen from $8.00 to $12.50 in a report issued on Thursday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s target price suggests a potential upside of 11.11% from the company’s current price.

A number of other research analysts have also recently commented on FTCI. Weiss Ratings restated a “sell (e+)” rating on shares of FTC Solar in a research report on Wednesday, October 8th. Zacks Research lowered shares of FTC Solar from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 21st. Finally, UBS Group reaffirmed a “neutral” rating and set a $5.50 price target (up previously from $3.80) on shares of FTC Solar in a report on Monday, August 18th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.90.

FTC Solar Price Performance

Shares of NASDAQ FTCI traded up $0.15 during midday trading on Thursday, reaching $11.25. The company’s stock had a trading volume of 278,409 shares, compared to its average volume of 114,494. The company has a market cap of $167.40 million, a P/E ratio of -2.87 and a beta of 1.46. FTC Solar has a fifty-two week low of $2.13 and a fifty-two week 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 business’s 50 day moving average price is $7.80 and its two-hundred day moving average price is $5.80.

Institutional Trading of FTC Solar

Hedge funds have recently modified their holdings of the stock. Jane Street Group LLC acquired a new position in shares of FTC Solar during the second quarter worth approximately $79,000. Goldman Sachs Group Inc. lifted its position in FTC Solar by 81.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after acquiring an additional 13,715 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in FTC Solar by 18.4% during the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after purchasing an additional 53,391 shares during the last quarter. Institutional investors own 45.36% of the company’s stock.

About FTC Solar

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.