Stocks of FTC Solar Inc. (NASDAQ:FTCI) traded higher last session on Wall Street, up 11.84% to $2.55.
According to the data, FTC Solar Inc. (NASDAQ:FTCI) has 8 analysts covering its stock. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $9.00 and a low of $2.00, we find $4.50. Given the previous closing price of $2.28, this indicates a potential upside of 97.37 percent. FTCI stock price is now 12.82% away from the 50-day moving average and -30.55% away from the 200-day moving average. The market capitalization of the company currently stands at $274.48M.
A total of 1 analysts have issued a hold rating and 6 have given it a buy rating. Brokers who have rated the stock have averaged $4.69 as their price target over the next twelve months.
With the price target enhanced from $2 to $3.50, Piper Sandler Upgraded its rating from Underweight to Neutral for FTC Solar Inc. (NASDAQ: FTCI). , while ‘Northland Capital’ rates the stock as ‘Outperform’.
In other news, South Cone Investments Limited, 10% Owner bought 5,732 shares of the company’s stock on Dec 14. The stock was bought for $16,002 at an average price of $2.79. Upon completion of the transaction, the 10% Owner now directly owns 14,867,592 shares in the company, valued at $37.91 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Dec 13, 10% Owner South Cone Investments Limited bought 36,230 shares of the business’s stock. A total of $98,303 was incurred on buying the stock at an average price of $2.71. This leaves the insider owning 14,861,860 shares of the company worth $37.9 million. Insiders disposed of 8,533,818 shares of company stock worth roughly $21.76 million over the past 1 year. A total of 11.10% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in FTCI stock. A new stake in FTC Solar Inc. shares was purchased by STEWARD PARTNERS INVESTMENT ADVISORY, LLC during the first quarter worth $393,000. MAN GROUP PLC invested $367,000 in shares of FTCI during the first quarter. In the first quarter, STATE OF WISCONSIN INVESTMENT BOARD acquired a new stake in FTC Solar Inc. valued at approximately $304,000. GRAHAM CAPITAL MANAGEMENT, L.P. acquired a new stake in FTCI for approximately $258,000. QUBE RESEARCH & TECHNOLOGIES LTD purchased a new stake in FTCI valued at around $159,000 in the second quarter. In total, there are 127 active investors with 29.80% ownership of the company’s stock.
Thursday’s opening bell rang with an opening price of $2.3100 for FTC Solar Inc. (NASDAQ: FTCI). During the past 12 months, FTC Solar Inc. has had a low of $1.78 and a high of $7.75. As of last week, the company has a debt-to-equity ratio of 0.00, a current ratio of 2.20, and a quick ratio of 1.90. The fifty day moving average price for FTCI is $2.2602 and a two-hundred day moving average price translates $3.6717 for the stock.
The latest earnings results from FTC Solar Inc. (NASDAQ: FTCI) was released for Jun, 2022. According to the Solar Company, earnings per share came in at -$0.18, missing analysts’ expectations of -$0.16 by -0.02. This compares to -$0.24 EPS in the same period last year. The net profit margin was -51.90% and return on equity was -92.70% for FTCI. The company reported revenue of $16.57 million for the quarter, compared to $52.99 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -68.73 percent. For the current quarter, analysts expect FTCI to generate $17.22M in revenue.
FTC Solar Inc.(FTCI) Company Profile
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. Its customers include project developers; solar asset owners; and engineering, procurement, and construction contractors that design and build solar energy projects. FTC Solar, Inc. was incorporated in 2017 and is headquartered in Austin, Texas.