FTC Solar, Inc. (NASDAQ:FTCI) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Shares of FTC Solar, Inc. (NASDAQ:FTCI – Get Free Report) have earned an average rating of “Moderate Buy” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $8.90.

Several equities analysts recently issued reports on FTCI shares. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a report on Monday, September 21st. Wall Street Zen lowered shares of FTC Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 3rd. Roth Capital set a $7.00 price objective on FTC Solar and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Finally, UBS Group raised FTC Solar from a “neutral” rating to a “buy” rating and increased their price target for the stock from $3.50 to $3.60 in a research report on Friday, September 18th.

Check Out Our Latest Report on FTCI

Insider Buying and Selling

In other FTC Solar news, CEO Anthony Carroll bought 24,745 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was bought at an average price of $2.08 per share, with a total value of $51,469.60. Following the completion of the purchase, the chief executive officer directly owned 666,200 shares in the company, valued at $1,385,696. The trade was a 3.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Shaker Sadasivam acquired 101,083 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were bought at an average cost of $2.69 per share, with a total value of $271,913.27. Following the transaction, the director directly owned 255,464 shares in the company, valued at $687,198.16. This trade represents a 65.48% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 198,701 shares of company stock valued at $489,308 in the last three months. Insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC grew its position in FTC Solar by 178.0% in the 1st 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 valued at about $60,000. Finally, Electron Capital Partners LLC bought a new stake in shares of FTC Solar during the 4th quarter worth about $979,000. 45.36% of the stock is currently owned by institutional investors and hedge funds.

FTC Solar Stock Performance

Shares of FTC Solar stock opened at $1.93 on Friday. The stock has a market capitalization of $31.88 million, a PE ratio of -0.31 and a beta of 1.76. FTC Solar has a 52-week low of $1.83 and a 52-week high of $12.75. The company has a 50-day simple moving average of $2.36 and a two-hundred day simple moving average of $3.73.

About FTC Solar

(Get Free Report)

FTC Solar, Inc (NASDAQ: FTCI) is a solar technology company that provides photovoltaic (PV) solar tracker systems, software and engineering services. Its solutions are designed to help utility-scale solar projects increase energy production by adjusting the position of solar panels to follow the sun throughout the day.

The company’s product portfolio includes single-axis tracker systems, such as its Voyager platform, along with related controls, monitoring and project design capabilities.

Further Reading

Analyst Recommendations for FTC Solar (NASDAQ:FTCI)

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