Reasons why FTC Solar Inc’s (NASDAQ:FTCI) fundamentals are futile

In yesterday’s Wall Street session, FTC Solar Inc (NASDAQ:FTCI) shares traded at $0.45, up 6.29% from the previous session.

7 analysts cover FTC Solar Inc (NASDAQ:FTCI), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $2.50 and a low of $0.65, we find $2.00. Given the previous closing price of $0.42, this indicates a potential upside of 376.19 percent. FTCI stock price is now -66.61% away from the 50-day moving average and -81.27% away from the 200-day moving average. The market capitalization of the company currently stands at $53.10M.

The stock has received a hold rating from 3 analysts and a buy rating from 4. Brokers who have rated the stock have averaged $1.74 as their price target over the next twelve months.

With the price target maintained at $0.65, Northland Capital recently Downgraded its rating from Outperform to Market Perform for FTC Solar Inc (NASDAQ: FTCI).

In other news, Aminpour Sasan, Chief Operating Officer bought 220,000 shares of the company’s stock on Nov 09. The stock was bought for $96,800 at an average price of $0.44. Upon completion of the transaction, the Chief Operating Officer now directly owns 1,429,724 shares in the company, valued at $0.64 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Sep 14, Chief Financial Officer Morris Robert Phelps bought 72,000 shares of the business’s stock. A total of $100,800 was incurred on buying the stock at an average price of $1.40. This leaves the insider owning 508,709 shares of the company worth $0.23 million. Insiders disposed of 6,382,010 shares of company stock worth roughly $2.87 million over the past 1 year. A total of 57.19% of the company’s stock is owned by insiders.

On Thursday morning FTC Solar Inc (NASDAQ: FTCI) stock kicked off with the opening price of $0.4842. During the past 12 months, FTC Solar Inc has had a low of $0.28 and a high of $3.87. As of last week, the company has a debt-to-equity ratio of 0.03, a current ratio of 2.35, and a quick ratio of 2.14. The fifty day moving average price for FTCI is $1.3464 and a two-hundred day moving average price translates $2.4007 for the stock.

The latest earnings results from FTC Solar Inc (NASDAQ: FTCI) was released for Sep, 2023. According to the Solar Company, earnings per share came in at -$0.06, missing analysts’ expectations of -$0.04 by -0.02. This compares to -$0.25 EPS in the same period last year. The net profit margin was -58.87% and return on equity was -76.16% for FTCI. The company reported revenue of $30.55 million for the quarter, compared to $16.57 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 84.34 percent. For the current quarter, analysts expect FTCI to generate $29.21M 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.

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