In yesterday’s Wall Street session, FTC Solar Inc. (NASDAQ:FTCI) shares traded at $3.55, down -6.33% from the previous session.
As of this writing, 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 $3.79, this indicates a potential upside of 12.14 percent. FTCI stock price is now 18.79% away from the 50-day moving average and 34.62% away from the 200-day moving average. The market capitalization of the company currently stands at $374.74M.
There are 1 analysts who have given it a hold rating, whereas 7 have given it a buy rating. Brokers who have rated the stock have averaged $4.75 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, Springer David, Director sold 100,000 shares of the company’s stock on Jul 19. The stock was sold for $342,000 at an average price of $3.42. Upon completion of the transaction, the Director now directly owns 7,002,674 shares in the company, valued at $24.86 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 19, 10% Owner ARC Family Trust sold 50,000 shares of the business’s stock. A total of $170,500 was realized by selling the stock at an average price of $3.41. This leaves the insider owning 13,090,857 shares of the company worth $46.47 million. Insiders disposed of 8,035,663 shares of company stock worth roughly $28.53 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 $9,962,000. MAVEN SECURITIES LTD invested $4,260,000 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 $1,297,000. POINT72 ASSET MANAGEMENT, L.P. acquired a new stake in FTCI for approximately $1,065,000. HAREL INSURANCE INVESTMENTS & FINANCIAL SERVICES LTD. purchased a new stake in FTCI valued at around $567,000 in the second quarter. In total, there are 119 active investors with 29.80% ownership of the company’s stock.
Tuesday morning saw FTC Solar Inc. (NASDAQ: FTCI) opened at $3.8300. 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 $2.9884 and a two-hundred day moving average price translates $2.6371 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 $47.38M 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.
