FTC Solar Inc. (NASDAQ:FTCI) shares traded 4.79% higher at $3.28 on Wall Street last session.
In accordance with the data, 8 analysts cover FTC Solar Inc. (NASDAQ:FTCI). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $9.00 and a low of $3.00, we find $4.25. Given the previous closing price of $3.13, this indicates a potential upside of 35.78 percent. FTCI stock price is now 15.00% away from the 50-day moving average and 24.86% away from the 200-day moving average. The market capitalization of the company currently stands at $353.45M.
It has been rated a hold by 1 analysts and a buy by 7. Brokers who have rated the stock have averaged $4.69 as their price target over the next twelve months.
With the price target of $5, H.C. Wainwright recently initiated with Buy rating for FTC Solar Inc. (NASDAQ: FTCI).
In other news, ARC Family Trust, 10% Owner sold 35,000 shares of the company’s stock on Jul 12. The stock was sold for $112,700 at an average price of $3.22. Upon completion of the transaction, the 10% Owner now directly owns 13,240,857 shares in the company, valued at $43.43 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 11, 10% Owner ARC Family Trust sold 35,000 shares of the business’s stock. A total of $109,900 was realized by selling the stock at an average price of $3.14. This leaves the insider owning 13,275,857 shares of the company worth $43.54 million. Insiders disposed of 7,651,163 shares of company stock worth roughly $25.1 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 HANDELSBANKEN FONDER AB during the first quarter worth $9,204,000. MAVEN SECURITIES LTD invested $3,936,000 in shares of FTCI during the first quarter. In the first quarter, COVALIS CAPITAL LLP acquired a new stake in FTC Solar Inc. valued at approximately $1,198,000. POINT72 ASSET MANAGEMENT, L.P. acquired a new stake in FTCI for approximately $984,000. GARNET EQUITY CAPITAL HOLDINGS, INC. purchased a new stake in FTCI valued at around $459,000 in the second quarter. In total, there are 119 active investors with 29.80% ownership of the company’s stock.
FTC Solar Inc. (NASDAQ: FTCI) opened at $3.1800 on Wednesday. During the past 12 months, FTC Solar Inc. has had a low of $1.78 and a high of $5.66. As of last week, the company has a debt-to-equity ratio of 0.00, a current ratio of 1.90, and a quick ratio of 1.80. The fifty day moving average price for FTCI is $2.8632 and a two-hundred day moving average price translates $2.6268 for the stock.
The latest earnings results from FTC Solar Inc. (NASDAQ: FTCI) was released for Mar, 2023. According to the Solar Company, earnings per share came in at -$0.07, beating analysts’ expectations of -$0.09 by 0.02. This compares to -$0.28 EPS in the same period last year. The net profit margin was -73.10% and return on equity was -105.70% for FTCI. The company reported revenue of $40.89 million for the quarter, compared to $49.55 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -17.47 percent. For the current quarter, analysts expect FTCI to generate $47.75M in revenue.
FTC Solar Inc.(FTCI) Company Profile
FTC Solar, Inc. provides solar tracker systems, software, and engineering services in the United States and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides Pioneer, a one module-in-portrait solar tracker solution that allows for a pile count reduction per megawatt. 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.
