Insider Buying: FTC Solar (NASDAQ:FTCI) Director Purchases $271,913.27 in Stock

FTC Solar, Inc. (NASDAQ:FTCIGet Free Report) Director Shaker Sadasivam acquired 101,083 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were bought at an average cost of $2.69 per share, for a total transaction of $271,913.27. Following the acquisition, the director directly owned 255,464 shares in the company, valued at $687,198.16. This represents a 65.48% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Shaker Sadasivam also recently made the following trade(s):

  • On Thursday, August 27th, Shaker Sadasivam bought 39,583 shares of FTC Solar stock. The shares were bought at an average cost of $2.35 per share, with a total value of $93,020.05.
  • On Wednesday, August 26th, Shaker Sadasivam acquired 33,290 shares of FTC Solar stock. The shares were purchased at an average cost of $2.19 per share, with a total value of $72,905.10.

FTC Solar Price Performance

NASDAQ FTCI opened at $2.52 on Friday. FTC Solar, Inc. has a 1 year low of $1.99 and a 1 year high of $12.75. The stock has a market capitalization of $41.63 million, a PE ratio of -0.40 and a beta of 1.84. The company’s 50 day simple moving average is $3.36 and its two-hundred day simple moving average is $4.46.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FTCI. Walleye Capital LLC bought a new stake in shares of FTC Solar in the 4th quarter valued at about $1,482,000. Electron Capital Partners LLC bought a new position in FTC Solar during the 4th quarter worth approximately $979,000. Informed Momentum Co LLC purchased a new position in FTC Solar in the 4th quarter worth approximately $836,000. Marshall Wace LLP purchased a new position in FTC Solar in the 4th quarter worth approximately $762,000. Finally, Captrust Financial Advisors bought a new stake in FTC Solar in the fourth quarter valued at approximately $745,000. Hedge funds and other institutional investors own 45.36% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on FTCI. Roth Capital set a $7.00 price objective on FTC Solar and gave the company a “buy” rating in a research note on Wednesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a research report on Wednesday, June 24th. Finally, Wall Street Zen lowered FTC Solar from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.50.

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About FTC Solar

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FTC Solar, Inc (NASDAQ:FTCI) specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants. The company’s tracker solutions are engineered to follow the sun’s path and optimize energy capture, helping customers maximize the performance of their solar assets. In addition to its core mechanical tracker products, FTC Solar offers advanced supervisory control and data acquisition (SCADA) software that enables remote monitoring, predictive maintenance and performance analytics.

Headquartered in Austin, Texas, FTC Solar supports large-scale solar projects across multiple regions, including North America, Latin America, Europe and the Middle East.

Further Reading

Insider Buying and Selling by Quarter for FTC Solar (NASDAQ:FTCI)

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