Key Points
- FTC Solar CEO Anthony Carroll bought 24,745 shares at an average price of $2.08, investing $51,469.60 and increasing his stake by 3.86% to 666,200 shares.
- FTCI shares opened at $2.29 and were reported up 15.1%, but remain near their 52-week low of $1.99 and below their 50-day and 200-day moving averages.
- Analyst sentiment is mixed, with an overall “Hold” rating and a $10.50 consensus price target; institutional investors and hedge funds own 45.36% of the company.
FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) CEO Anthony Carroll acquired 24,745 shares of the business's stock in a transaction dated Tuesday, August 25th. The stock was acquired at an average price of $2.08 per share, for a total transaction of $51,469.60. Following the completion of the transaction, the chief executive officer owned 666,200 shares in the company, valued at approximately $1,385,696. The trade was a 3.86% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
FTC Solar Stock Up 15.1%
Shares of FTCI stock opened at $2.29 on Thursday. The firm has a market capitalization of $37.83 million, a price-to-earnings ratio of -0.37 and a beta of 1.87. The stock has a fifty day moving average of $3.68 and a 200 day moving average of $4.77. FTC Solar, Inc. has a 52 week low of $1.99 and a 52 week high of $12.75.
Analysts Set New Price Targets
Several analysts have weighed in on the company. Wall Street Zen cut FTC Solar from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Roth Capital set a $7.00 target price on FTC Solar and gave the company a "buy" rating in a research note on Wednesday, August 12th. Weiss Ratings restated a "sell (d-)" rating on shares of FTC Solar in a research report on Wednesday, June 24th. Finally, TD Cowen reduced their price target on FTC Solar from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, FTC Solar presently has an average rating of "Hold" and a consensus target price of $10.50.
Check Out Our Latest Analysis on FTCI
Hedge Funds Weigh In On FTC Solar
Several large investors have recently modified their holdings of the stock. Laurel Oak Wealth Management LLC bought a new position in FTC Solar in the 1st quarter worth about $60,000. Jane Street Group LLC bought a new position in shares of FTC Solar in the second quarter worth approximately $79,000. Goldman Sachs Group Inc. grew its holdings in shares of FTC Solar by 81.3% during the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company's stock valued at $88,000 after buying an additional 13,715 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of FTC Solar during the fourth quarter valued at approximately $109,000. Finally, Hudson Bay Capital Management LP bought a new position in FTC Solar in the 4th quarter valued at approximately $135,000. Hedge funds and other institutional investors own 45.36% of the company's stock.
FTC Solar Company Profile
(
Get Free Report)
FTC Solar, Inc (NASDAQ:FTCI) specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants. The company's tracker solutions are engineered to follow the sun's path and optimize energy capture, helping customers maximize the performance of their solar assets. In addition to its core mechanical tracker products, FTC Solar offers advanced supervisory control and data acquisition (SCADA) software that enables remote monitoring, predictive maintenance and performance analytics.
Headquartered in Austin, Texas, FTC Solar supports large-scale solar projects across multiple regions, including North America, Latin America, Europe and the Middle East.
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