Brokerages Set FTC Solar, Inc. (NASDAQ:FTCI) Price Target at $1.49

FTC Solar, Inc. (NASDAQ:FTCI) has been given a consensus recommendation of “Hold” by the seven brokerages that are presently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $1.49.

FTCI has been the subject of several analyst reports. Roth Mkm reissued a “neutral” rating and set a $0.45 price target (down from $2.00) on shares of FTC Solar in a research report on Thursday, March 14th. Roth Capital lowered shares of FTC Solar from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Finally, HC Wainwright reissued a “buy” rating and set a $1.50 price target on shares of FTC Solar in a research report on Monday, May 13th.

FTC Solar Price Performance

Shares of FTC Solar stock opened at $0.43 on Friday. FTC Solar has a 1 year low of $0.28 and a 1 year high of $3.87. The firm’s 50-day moving average is $0.47 and its two-hundred day moving average is $0.54. The stock has a market cap of $53.80 million, a price-to-earnings ratio of -1.10 and a beta of 1.67.

FTC Solar (NASDAQ:FTCI) last issued its earnings results on Friday, May 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. FTC Solar had a negative net margin of 47.92% and a negative return on equity of 63.07%. The company had revenue of $12.59 million for the quarter, compared to analysts’ expectations of $12.54 million. On average, equities analysts expect that FTC Solar will post -0.32 earnings per share for the current year.

Insider Activity at FTC Solar

In related news, Director Ahmad R. Chatila acquired 114,726 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average cost of $0.44 per share, with a total value of $50,479.44. Following the transaction, the director now directly owns 1,082,184 shares of the company’s stock, valued at approximately $476,160.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 23.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On FTC Solar

A number of institutional investors have recently bought and sold shares of FTCI. SG Americas Securities LLC purchased a new position in FTC Solar during the 4th quarter worth approximately $35,000. Fifth Lane Capital LP raised its position in FTC Solar by 200.0% during the 1st quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after buying an additional 50,000 shares during the last quarter. Connors Investor Services Inc. purchased a new position in FTC Solar during the 3rd quarter worth approximately $64,000. TTP Investments Inc. purchased a new position in FTC Solar during the 1st quarter worth approximately $80,000. Finally, Graham Capital Management L.P. raised its position in FTC Solar by 225.7% during the 3rd quarter. Graham Capital Management L.P. now owns 217,061 shares of the company’s stock worth $278,000 after buying an additional 150,407 shares during the last quarter. 45.36% of the stock is owned by hedge funds and other institutional investors.

FTC Solar Company Profile

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.