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

FTC Solar, Inc. (NASDAQ:FTCIGet Free Report) 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:FTCIGet Free Report) 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.

View Our Latest Research Report on FTC Solar

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

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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.

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

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