Key Points
- Anthony Carroll, an FTC Solar director, bought 10,638 shares at an average price of $9.53 on Dec. 16 for about $101,380, increasing his direct stake to 24,205 shares (a 78.41% rise), per an SEC filing.
- Shares rose roughly 10.5% and opened at $9.96; the company beat quarterly estimates (loss of $(0.36) vs. $(0.50) expected, revenue $26.03M vs. $21.12M) but remains unprofitable with a negative net margin (~69%) and very negative ROE (~550%).
- Analyst coverage is mixed with a consensus "Hold" and an average price target of $9.20 (3 Buys, 3 Holds, 1 Sell), while institutional ownership is about 45%, with investors like Vanguard and Goldman increasing positions.
FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) Director Anthony Carroll purchased 10,638 shares of the firm's stock in a transaction on Tuesday, December 16th. The shares were acquired at an average price of $9.53 per share, with a total value of $101,380.14. Following the purchase, the director directly owned 24,205 shares in the company, valued at $230,673.65. This represents a 78.41% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
FTC Solar Trading Up 10.5%
FTCI opened at $9.96 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.66 and a quick ratio of 1.53. The company's 50-day moving average is $8.95 and its 200 day moving average is $6.83. The firm has a market capitalization of $148.80 million, a PE ratio of -2.30 and a beta of 1.45. FTC Solar, Inc. has a fifty-two week low of $2.13 and a fifty-two week high of $11.45.
FTC Solar (NASDAQ:FTCI - Get Free Report) last posted its earnings results on Wednesday, November 12th. The company reported ($0.36) earnings per share for the quarter, beating analysts' consensus estimates of ($0.50) by $0.14. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 69.25%.The company had revenue of $26.03 million for the quarter, compared to analyst estimates of $21.12 million. As a group, research analysts predict that FTC Solar, Inc. will post -3.98 earnings per share for the current fiscal year.
Institutional Investors Weigh In On FTC Solar
A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in FTC Solar by 18.4% during the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company's stock valued at $2,417,000 after purchasing an additional 53,391 shares during the period. Jane Street Group LLC bought a new position in FTC Solar in the second quarter worth $79,000. Finally, Goldman Sachs Group Inc. lifted its position in FTC Solar by 81.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company's stock valued at $88,000 after acquiring an additional 13,715 shares during the period. Institutional investors own 45.36% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have commented on FTCI shares. UBS Group reiterated a "neutral" rating and issued a $10.00 price objective (up previously from $5.50) on shares of FTC Solar in a research note on Tuesday, December 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of FTC Solar in a report on Monday. Zacks Research raised FTC Solar from a "strong sell" rating to a "hold" rating in a report on Tuesday, November 18th. TD Cowen raised their price objective on shares of FTC Solar from $8.00 to $12.50 and gave the company a "buy" rating in a research report on Thursday, November 13th. Finally, Roth Capital set a $15.00 target price on FTC Solar in a research report on Monday, November 17th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $9.20.
Get Our Latest Report on FTCI
FTC Solar Company Profile
(
Get Free Report)
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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
