FTC Solar (NASDAQ:FTCI) Shares Set to Reverse Split on Monday, December 2nd

FTC Solar, Inc. (NASDAQ:FTCI)’s stock is set to reverse split on Monday, December 2nd. The 1-10 reverse split was announced on Wednesday, November 27th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, November 29th.

FTC Solar Price Performance

FTCI stock opened at $0.31 on Friday. FTC Solar has a one year low of $0.18 and a one year high of $1.00. The stock has a market cap of $40.23 million, a price-to-earnings ratio of -0.83 and a beta of 1.79. The company has a fifty day moving average price of $0.51 and a two-hundred day moving average price of $0.43.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FTCI. TD Cowen reduced their target price on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a report on Friday, August 9th. UBS Group reduced their price objective on FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $1.50 target price on shares of FTC Solar in a research note on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, FTC Solar currently has a consensus rating of “Hold” and a consensus target price of $0.85.

Insider Buying and Selling at FTC Solar

In related news, Director Ahmad R. Chatila acquired 238,000 shares of the stock in a transaction on Friday, September 6th. The shares were purchased at an average price of $0.21 per share, for a total transaction of $49,980.00. Following the purchase, the director now directly owns 1,951,046 shares in the company, valued at approximately $409,719.66. The trade was a 13.89 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 22.60% of the company’s stock.

Institutional Trading of FTC Solar

Several large investors have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV raised its stake in FTC Solar by 527.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after purchasing an additional 83,334 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of FTC Solar in the 3rd quarter valued at approximately $81,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of FTC Solar in the 2nd quarter valued at approximately $42,000. Finally, Geode Capital Management LLC lifted its holdings in shares of FTC Solar by 9.2% during the 3rd quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock worth $522,000 after acquiring an additional 64,325 shares during the period. 45.36% of the stock is owned by institutional investors and hedge funds.

About FTC Solar

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.