FTC Solar, Inc. (NASDAQ:FTCI) CFO Robert Phelps Morris Purchases 72,000 Shares

FTC Solar, Inc. (NASDAQ:FTCI) CFO Robert Phelps Morris bought 72,000 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was acquired at an average cost of $1.40 per share, for a total transaction of $100,800.00. Following the completion of the transaction, the chief financial officer now owns 508,709 shares in the company, valued at $712,192.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

FTC Solar Trading Down 4.9 %

FTCI stock traded down $0.07 during midday trading on Monday, reaching $1.35. The company had a trading volume of 1,588,963 shares, compared to its average volume of 1,564,835. The company has a 50 day moving average of $2.57 and a two-hundred day moving average of $2.64. FTC Solar, Inc. has a 1 year low of $1.30 and a 1 year high of $3.93. The company has a market capitalization of $159.45 million, a P/E ratio of -2.08 and a beta of 2.00.

FTC Solar (NASDAQ:FTCI) last issued its earnings results on Wednesday, August 9th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. FTC Solar had a negative return on equity of 86.64% and a negative net margin of 58.87%. The firm had revenue of $32.36 million for the quarter, compared to the consensus estimate of $47.82 million. On average, sell-side analysts anticipate that FTC Solar, Inc. will post -0.36 earnings per share for the current year.

Analysts Set New Price Targets

FTCI has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and set a $5.00 price objective on shares of FTC Solar in a research note on Thursday, August 10th. Piper Sandler decreased their price target on shares of FTC Solar from $3.00 to $2.50 and set a “neutral” rating for the company in a report on Thursday, August 10th. Finally, UBS Group lowered shares of FTC Solar from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $4.00 to $2.50 in a research note on Tuesday, August 15th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, FTC Solar has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Hedge Funds Weigh In On FTC Solar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mariner LLC acquired a new stake in shares of FTC Solar in the 4th quarter valued at $27,000. FMR LLC grew its holdings in FTC Solar by 873.4% during the first quarter. FMR LLC now owns 11,837 shares of the company’s stock valued at $27,000 after purchasing an additional 10,621 shares during the last quarter. Iridian Asset Management LLC CT bought a new position in shares of FTC Solar in the first quarter valued at approximately $29,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of FTC Solar by 191.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,172 shares of the company’s stock worth $30,000 after buying an additional 8,655 shares during the period. Finally, State of Wyoming acquired a new position in FTC Solar in the 2nd quarter valued at $33,000. Institutional investors own 33.64% of the company’s stock.

About FTC Solar

FTC Solar, Inc provides solar tracker systems, software, and engineering services in the United States and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides Pioneer, a one module-in-portrait solar tracker solution that allows for a pile count reduction per megawatt.