FTC Solar, Inc. (NASDAQ:FTCI) Receives Average Recommendation of “Hold” from Analysts

Shares of FTC Solar, Inc. (NASDAQ:FTCI – Get Rating) have received a consensus recommendation of “Hold” from the eleven brokerages that are presently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $7.60.

A number of brokerages recently weighed in on FTCI. Raymond James decreased their price target on shares of FTC Solar from $10.00 to $7.00 in a research report on Tuesday. Piper Sandler cut shares of FTC Solar from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $4.00 to $3.00 in a research report on Wednesday, April 20th. Bank of America upped their price objective on shares of FTC Solar from $4.50 to $5.00 and gave the company an “underperform” rating in a research report on Wednesday, March 16th. Credit Suisse Group decreased their price objective on shares of FTC Solar from $18.00 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, January 20th. Finally, Cowen decreased their price objective on shares of FTC Solar from $10.00 to $6.00 in a research report on Wednesday.

In related news, CAO Cathy Behnen sold 28,871 shares of the stock in a transaction dated Tuesday, March 8th. The shares were sold at an average price of $5.05, for a total transaction of $145,798.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Ali Mortazavi sold 42,893 shares of the stock in a transaction dated Wednesday, February 16th. The stock was sold at an average price of $4.06, for a total transaction of $174,145.58. The disclosure for this sale can be found here. Insiders have sold 550,110 shares of company stock worth $2,193,450 in the last ninety days.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. increased its stake in shares of FTC Solar by 126.3% in the fourth quarter. Citigroup Inc. now owns 4,829 shares of the company’s stock valued at $37,000 after purchasing an additional 2,695 shares during the period. Geode Capital Management LLC increased its stake in shares of FTC Solar by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 350,130 shares of the company’s stock valued at $2,646,000 after purchasing an additional 2,738 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of FTC Solar by 4.2% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 90,749 shares of the company’s stock valued at $447,000 after purchasing an additional 3,652 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of FTC Solar by 64.9% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 25,405 shares of the company’s stock valued at $198,000 after purchasing an additional 9,995 shares during the period. Finally, American International Group Inc. increased its stake in shares of FTC Solar by 101.0% in the first quarter. American International Group Inc. now owns 20,321 shares of the company’s stock valued at $100,000 after purchasing an additional 10,212 shares during the period. Hedge funds and other institutional investors own 20.41% of the company’s stock.

Shares of FTCI stock traded up $0.44 on Monday, reaching $3.24. 875,793 shares of the stock were exchanged, compared to its average volume of 1,185,260. The firm has a 50 day moving average of $4.44 and a two-hundred day moving average of $5.91. FTC Solar has a 1-year low of $2.12 and a 1-year high of $13.98.

FTC Solar (NASDAQ:FTCI – Get Rating) last announced its quarterly earnings results on Tuesday, May 10th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.06). FTC Solar had a negative return on equity of 51.40% and a negative net margin of 51.28%. During the same quarter in the previous year, the firm earned ($0.10) EPS. As a group, analysts expect that FTC Solar will post -0.24 earnings per share for the current fiscal year.

About FTC Solar (Get Rating)

FTC Solar, Inc provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites.

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