Key Points
- FTC Solar director Shaker Sadasivam bought 39,583 shares at an average price of $2.35, investing $93,020.05 and increasing his ownership by 34.48% to 154,381 shares. He also purchased 33,290 shares for $72,905.10 the previous day.
- FTC Solar shares opened at $2.35, near their one-year low of $1.99 and well below their one-year high of $12.75. The company has a market capitalization of approximately $38.82 million, and institutional investors own 45.36% of its stock.
- Analyst sentiment is mixed, with an overall “Hold” rating and a consensus price target of $10.50; estimates range from a $7.00 “Buy” target to “Sell” ratings from other analysts.
FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) Director Shaker Sadasivam bought 39,583 shares of the company's stock in a transaction on Thursday, August 27th. The shares were bought at an average price of $2.35 per share, with a total value of $93,020.05. Following the completion of the transaction, the director owned 154,381 shares of the company's stock, valued at $362,795.35. The trade was a 34.48% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Shaker Sadasivam also recently made the following trade(s):
- On Wednesday, August 26th, Shaker Sadasivam purchased 33,290 shares of FTC Solar stock. The stock was bought at an average cost of $2.19 per share, for a total transaction of $72,905.10.
FTC Solar Price Performance
Shares of NASDAQ:FTCI opened at $2.35 on Tuesday. The company's fifty day moving average price is $3.51 and its 200-day moving average price is $4.61. The firm has a market capitalization of $38.82 million, a price-to-earnings ratio of -0.38 and a beta of 1.87. FTC Solar, Inc. has a one year low of $1.99 and a one year high of $12.75.
Hedge Funds Weigh In On FTC Solar
Institutional investors and hedge funds have recently made changes to their positions in the business. Captrust Financial Advisors purchased a new position in FTC Solar in the 4th quarter worth $745,000. Squarepoint Ops LLC bought a new stake in FTC Solar in the fourth quarter worth $581,000. State Street Corp boosted its position in FTC Solar by 53.4% during the fourth quarter. State Street Corp now owns 43,971 shares of the company's stock valued at $480,000 after buying an additional 15,300 shares during the period. Quadrature Capital Ltd purchased a new stake in FTC Solar during the fourth quarter valued at about $419,000. Finally, Renaissance Technologies LLC bought a new position in shares of FTC Solar during the fourth quarter valued at about $367,000. Institutional investors own 45.36% of the company's stock.
Wall Street Analysts Forecast Growth
FTCI has been the topic of a number of research analyst reports. 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. Wall Street Zen lowered FTC Solar from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. TD Cowen cut their price objective on FTC Solar from $8.00 to $5.00 and set a "buy" rating for the company in a report on Wednesday, May 6th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of FTC Solar in a research report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $10.50.
View Our Latest Stock Report on FTCI
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.
Further Reading
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