Key Points
- FTC Solar director Shaker Sadasivam purchased 101,083 shares at an average price of $2.69, investing approximately $271,913 and increasing his direct ownership by 65.48% to 255,464 shares.
- FTCI opened at $2.30 and has fallen well below its 50-day and 200-day moving averages, with a market capitalization of approximately $38 million and a 52-week range of $1.99 to $12.75.
- Analyst sentiment is mixed: the stock has an overall “Hold” rating and a $10.50 average price target, while institutional investors own 45.36% of the company’s shares.
FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) Director Shaker Sadasivam acquired 101,083 shares of the stock in a transaction dated Friday, August 28th. The shares were bought at an average cost of $2.69 per share, with a total value of $271,913.27. Following the transaction, the director directly owned 255,464 shares of the company's stock, valued at $687,198.16. This represents a 65.48% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Shaker Sadasivam also recently made the following trade(s):
- On Thursday, August 27th, Shaker Sadasivam acquired 39,583 shares of FTC Solar stock. The stock was bought at an average cost of $2.35 per share, for a total transaction of $93,020.05.
- On Wednesday, August 26th, Shaker Sadasivam bought 33,290 shares of FTC Solar stock. The stock was bought at an average cost of $2.19 per share, with a total value of $72,905.10.
FTC Solar Trading Down 2.1%
FTCI stock opened at $2.30 on Wednesday. The stock has a 50-day moving average price of $3.45 and a two-hundred day moving average price of $4.56. The stock has a market cap of $38.00 million, a PE ratio of -0.37 and a beta of 1.84. FTC Solar, Inc. has a 1 year low of $1.99 and a 1 year high of $12.75.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on FTCI. TD Cowen dropped their target price on FTC Solar from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Wednesday, May 6th. Wall Street Zen downgraded FTC Solar from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of FTC Solar in a research note on Wednesday, June 24th. Finally, Roth Capital set a $7.00 price objective on shares of FTC Solar and gave the company a "buy" rating in a report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $10.50.
Check Out Our Latest Stock Analysis on FTCI
Hedge Funds Weigh In On FTC Solar
Several hedge funds have recently modified their holdings of FTCI. Walleye Capital LLC acquired a new stake in shares of FTC Solar in the fourth quarter valued at about $1,482,000. Electron Capital Partners LLC acquired a new position in FTC Solar during the fourth quarter valued at approximately $979,000. Informed Momentum Co LLC bought a new position in FTC Solar in the fourth quarter valued at approximately $836,000. Marshall Wace LLP bought a new position in FTC Solar in the fourth quarter valued at approximately $762,000. Finally, Captrust Financial Advisors acquired a new position in shares of FTC Solar during the 4th quarter worth approximately $745,000. Institutional investors own 45.36% of the company's stock.
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.
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