FTC Solar (NASDAQ:FTCI) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of FTC Solar (NASDAQ:FTCI) from a hold rating to a sell rating in a research note released on Saturday morning.

Several other brokerages have also recently weighed in on FTCI. TD Cowen decreased their price target on FTC Solar from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.50.

FTC Solar Stock Down 1.1%

NASDAQ FTCI opened at $2.72 on Friday. The company has a market capitalization of $44.77 million, a price-to-earnings ratio of -0.44 and a beta of 1.87. FTC Solar has a twelve month low of $2.57 and a twelve month high of $12.75. The stock has a fifty day simple moving average of $4.34 and a 200 day simple moving average of $5.59.

Institutional Investors Weigh In On FTC Solar

A number of hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted its holdings in shares of FTC Solar by 178.0% during the 1st quarter. Renaissance Technologies LLC now owns 93,400 shares of the company’s stock worth $353,000 after buying an additional 59,800 shares in the last quarter. Laurel Oak Wealth Management LLC bought a new stake in shares of FTC Solar in the 1st quarter valued at $60,000. Mercer Global Advisors Inc. ADV acquired a new position in shares of FTC Solar during the 4th quarter valued at $109,000. Quadrature Capital Ltd acquired a new position in shares of FTC Solar during the 4th quarter valued at $419,000. Finally, Electron Capital Partners LLC bought a new position in FTC Solar during the fourth quarter worth $979,000. 45.36% of the stock is currently owned by 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.