Key Points
- Director Shaker Sadasivam purchased 33,290 FTC Solar shares at an average price of $2.19, investing $72,905.10 and increasing his direct ownership by 40.84% to 114,798 shares.
- FTCI opened at $2.55, with a market capitalization of approximately $42.1 million. The stock remains near its 52-week low of $1.99, well below its 52-week high of $12.75.
- Analyst sentiment is mixed, with a consensus “Hold” rating and a $10.50 price target; institutional investors collectively own 45.36% of the company.
FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) Director Shaker Sadasivam purchased 33,290 shares of FTC Solar stock in a transaction on Wednesday, August 26th. The stock was bought at an average cost of $2.19 per share, for a total transaction of $72,905.10. Following the transaction, the director directly owned 114,798 shares in the company, valued at $251,407.62. This represents a 40.84% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
FTC Solar Stock Performance
FTCI stock opened at $2.55 on Friday. The company's 50 day moving average price is $3.57 and its 200 day moving average price is $4.70. FTC Solar, Inc. has a fifty-two week low of $1.99 and a fifty-two week high of $12.75. The firm has a market capitalization of $42.13 million, a price-to-earnings ratio of -0.41 and a beta of 1.87.
Institutional Trading of FTC Solar
Several institutional investors and hedge funds have recently added to or reduced their stakes in FTCI. Goldman Sachs Group Inc. grew its stake in shares of FTC Solar by 81.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company's stock valued at $88,000 after purchasing an additional 13,715 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of FTC Solar in the second quarter valued at approximately $79,000. Vanguard Group Inc. raised its stake in shares of FTC Solar by 18.4% during the third quarter. Vanguard Group Inc. now owns 342,858 shares of the company's stock worth $2,417,000 after purchasing an additional 53,391 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of FTC Solar during the fourth quarter worth approximately $296,000. Finally, Geode Capital Management LLC lifted its holdings in shares of FTC Solar by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company's stock worth $1,226,000 after purchasing an additional 8,518 shares during the period. 45.36% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
FTCI has been the subject of several analyst reports. Roth Capital set a $7.00 price objective on FTC Solar and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Wall Street Zen downgraded FTC Solar from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. TD Cowen cut their price objective on shares of FTC Solar from $8.00 to $5.00 and set a "buy" rating on the stock in a report on Wednesday, May 6th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of FTC Solar in a report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $10.50.
Read Our Latest Report on FTC Solar
About FTC Solar
(
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.
Further Reading
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