FTC Solar (NASDAQ:FTCI) Shares Down 10.5% – Here’s Why

FTC Solar, Inc. (NASDAQ:FTCI) shares traded down 10.5% during mid-day trading on Friday . The company traded as low as $3.70 and last traded at $3.85. Approximately 395,538 shares traded hands during trading, an increase of 335% from the average daily volume of 90,875 shares. The stock had previously closed at $4.30.

Analyst Ratings Changes

Several research firms have recently commented on FTCI. TD Cowen dropped their price objective on shares of FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen raised shares of FTC Solar from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a research report on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, FTC Solar has an average rating of “Hold” and a consensus target price of $12.50.

FTC Solar Stock Down 10.5%

The stock has a market cap of $61.60 million, a PE ratio of -0.67 and a beta of 1.80. The business has a 50 day moving average price of $4.85 and a 200 day moving average price of $6.51.

FTC Solar (NASDAQ:FTCI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.26). The company had revenue of $17.27 million during the quarter, compared to the consensus estimate of $24.26 million. On average, research analysts predict that FTC Solar, Inc. will post -1.61 earnings per share for the current fiscal year.

Insider Activity at FTC Solar

In other news, Director Shaker Sadasivam bought 27,025 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost of $3.70 per share, for a total transaction of $99,992.50. Following the purchase, the director directly owned 81,508 shares in the company, valued at approximately $301,579.60. This trade represents a 49.60% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have purchased 36,775 shares of company stock worth $134,810. 21.00% of the stock is owned by company insiders.

Institutional Trading of FTC Solar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its position in shares of FTC Solar by 81.3% in the first quarter. Goldman Sachs Group Inc. now owns 30,581 shares of the company’s stock worth $88,000 after acquiring an additional 13,715 shares during the period. Jane Street Group LLC purchased a new stake in shares of FTC Solar during the 2nd quarter worth about $79,000. Vanguard Group Inc. grew its position in shares of FTC Solar by 18.4% during the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company’s stock valued at $2,417,000 after acquiring an additional 53,391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of FTC Solar during the 4th quarter valued at about $296,000. Finally, Geode Capital Management LLC increased its stake in shares of FTC Solar by 8.2% in the 4th quarter. Geode Capital Management LLC now owns 112,308 shares of the company’s stock valued at $1,226,000 after purchasing an additional 8,518 shares in the last quarter. Institutional investors and hedge funds own 45.36% of the company’s stock.

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.