FTC Solar’s (FTCI) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of FTC Solar (NASDAQ:FTCI) in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a $1.50 price target on the stock.

Several other analysts have also recently weighed in on FTCI. UBS Group dropped their price target on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research note on Friday, August 9th. TD Cowen lowered their price target on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a report on Friday, August 9th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $0.85.

FTC Solar Trading Down 4.2 %

Shares of NASDAQ FTCI opened at $0.42 on Wednesday. FTC Solar has a 12 month low of $0.18 and a 12 month high of $1.00. The stock has a market cap of $53.88 million, a price-to-earnings ratio of -1.11 and a beta of 1.79. The company has a 50 day simple moving average of $0.52 and a two-hundred day simple moving average of $0.44.

Insider Transactions at FTC Solar

In related news, Director Ahmad R. Chatila purchased 110,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was acquired at an average price of $0.23 per share, with a total value of $25,300.00. Following the completion of the transaction, the director now owns 1,713,046 shares of the company’s stock, valued at $394,000.58. This represents a 6.86 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders bought 548,000 shares of company stock worth $125,280. 22.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FTC Solar

A number of institutional investors have recently made changes to their positions in FTCI. Geode Capital Management LLC lifted its position in FTC Solar by 9.2% in the 3rd quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock valued at $522,000 after purchasing an additional 64,325 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of FTC Solar in the 3rd quarter worth approximately $81,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of FTC Solar during the 2nd quarter valued at $42,000. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of FTC Solar by 527.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after acquiring an additional 83,334 shares in the last quarter. 45.36% of the stock is currently owned by institutional investors.

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.