199,591 Shares in FTC Solar, Inc. (NASDAQ:FTCI) Acquired by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in FTC Solar, Inc. (NASDAQ:FTCI) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 199,591 shares of the company’s stock, valued at approximately $643,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned 0.18% of FTC Solar at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Capital Square LLC purchased a new stake in FTC Solar in the second quarter valued at approximately $44,000. American International Group Inc. grew its stake in shares of FTC Solar by 47.9% during the 2nd quarter. American International Group Inc. now owns 30,622 shares of the company’s stock valued at $99,000 after buying an additional 9,923 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of FTC Solar by 16.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 207,935 shares of the company’s stock worth $670,000 after buying an additional 30,116 shares during the last quarter. Psagot Value Holdings Ltd. Israel purchased a new position in shares of FTC Solar in the 2nd quarter worth $178,000. Finally, KBC Group NV boosted its holdings in FTC Solar by 27.9% in the second quarter. KBC Group NV now owns 990,484 shares of the company’s stock valued at $3,189,000 after acquiring an additional 216,286 shares during the last quarter. Institutional investors and hedge funds own 33.64% of the company’s stock.

Wall Street Analysts Forecast Growth

FTCI has been the subject of several research analyst reports. HC Wainwright dropped their price target on FTC Solar from $5.00 to $2.50 and set a “buy” rating for the company in a research note on Thursday, November 9th. Northland Securities downgraded shares of FTC Solar from an “outperform” rating to a “market perform” rating and set a $0.65 target price for the company. in a research report on Thursday, November 9th. Piper Sandler reduced their price target on shares of FTC Solar from $2.50 to $1.50 and set a “neutral” rating on the stock in a research report on Friday, October 6th. UBS Group lowered shares of FTC Solar from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $4.00 to $2.50 in a research report on Tuesday, August 15th. Finally, Raymond James reduced their target price on shares of FTC Solar from $4.00 to $2.00 and set a “strong-buy” rating on the stock in a report on Thursday, November 9th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2.11.

FTC Solar Stock Up 7.2 %

Shares of NASDAQ:FTCI opened at $0.55 on Tuesday. The company has a market capitalization of $69.30 million, a price-to-earnings ratio of -1.03 and a beta of 2.14. The company has a 50 day moving average of $1.13 and a two-hundred day moving average of $2.19. FTC Solar, Inc. has a 52-week low of $0.28 and a 52-week high of $3.87.

Insider Activity

In other news, Director Ahmad R. Chatila purchased 213,030 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were purchased at an average price of $0.47 per share, with a total value of $100,124.10. Following the purchase, the director now directly owns 554,648 shares of the company’s stock, valued at approximately $260,684.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other FTC Solar news, Director Ahmad R. Chatila purchased 213,030 shares of FTC Solar stock in a transaction that occurred on Tuesday, November 14th. The stock was purchased at an average price of $0.47 per share, with a total value of $100,124.10. Following the completion of the acquisition, the director now owns 554,648 shares of the company’s stock, valued at approximately $260,684.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Kristian Nolde sold 20,000 shares of FTC Solar stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $1.70, for a total value of $34,000.00. Following the sale, the vice president now owns 368,718 shares in the company, valued at $626,820.60. The disclosure for this sale can be found here. Over the last three months, insiders bought 422,030 shares of company stock worth $287,634 and sold 490,000 shares worth $860,500. Insiders own 29.70% of the company’s stock.

FTC Solar 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.