FTC Solar (NASDAQ:FTCI) CFO Sells $17,990.78 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) CFO Cathy Behnen sold 1,646 shares of the business’s stock in a transaction that occurred on Tuesday, December 30th. The stock was sold at an average price of $10.93, for a total value of $17,990.78. Following the completion of the transaction, the chief financial officer owned 143,534 shares in the company, valued at $1,568,826.62. The trade was a 1.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

FTC Solar Stock Performance

NASDAQ FTCI traded up $0.11 on Wednesday, hitting $10.91. 58,738 shares of the stock traded hands, compared to its average volume of 116,705. FTC Solar, Inc. has a 12 month low of $2.13 and a 12 month high of $11.99. The business’s fifty day moving average is $9.45 and its two-hundred day moving average is $7.27. The firm has a market capitalization of $163.00 million, a price-to-earnings ratio of -2.52 and a beta of 1.45. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.53 and a current ratio of 1.66.

FTC Solar (NASDAQ:FTCI) last posted its earnings results on Wednesday, November 12th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.14. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 69.25%.The business had revenue of $26.03 million during the quarter, compared to analyst estimates of $21.12 million. As a group, equities analysts anticipate that FTC Solar, Inc. will post -3.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FTCI shares. UBS Group reaffirmed a “neutral” rating and set a $10.00 price objective (up from $5.50) on shares of FTC Solar in a research note on Tuesday, December 2nd. Roth Capital set a $15.00 price target on shares of FTC Solar in a research note on Monday, November 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a report on Monday. TD Cowen lifted their price objective on FTC Solar from $8.00 to $12.50 and gave the company a “buy” rating in a research note on Thursday, November 13th. Finally, Zacks Research upgraded shares of FTC Solar from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $9.20.

Hedge Funds Weigh In On FTC Solar

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC purchased a new stake in FTC Solar in the 2nd quarter worth $79,000. Goldman Sachs Group Inc. lifted its position in FTC Solar by 81.3% during the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock valued at $88,000 after purchasing an additional 13,715 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of FTC Solar by 18.4% in the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock worth $2,417,000 after buying an additional 53,391 shares during the last quarter. 45.36% of the stock is currently owned by hedge funds and other institutional investors.

About FTC Solar

FTC Solar, Inc (NASDAQ:FTCI) specializes in the design, manufacturing and deployment of solar tracker systems for utility-scale photovoltaic power plants. The company’s tracker solutions are engineered to follow the sun’s path and optimize energy capture, helping customers maximize the performance of their solar assets. In addition to its core mechanical tracker products, FTC Solar offers advanced supervisory control and data acquisition (SCADA) software that enables remote monitoring, predictive maintenance and performance analytics.

Headquartered in Austin, Texas, FTC Solar supports large-scale solar projects across multiple regions, including North America, Latin America, Europe and the Middle East.