Insider Buying: FTC Solar (NASDAQ:FTCI) Director Acquires $271,913.27 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam acquired 101,083 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were purchased at an average cost of $2.69 per share, with a total value of $271,913.27. Following the acquisition, the director owned 255,464 shares of the company’s stock, valued at approximately $687,198.16. This represents a 65.48% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Shaker Sadasivam also recently made the following trade(s):

• On Thursday, August 27th, Shaker Sadasivam bought 39,583 shares of FTC Solar stock. The stock was acquired at an average cost of $2.35 per share, for a total transaction of $93,020.05.
• On Wednesday, August 26th, Shaker Sadasivam purchased 33,290 shares of FTC Solar stock. The shares were acquired at an average price of $2.19 per share, for a total transaction of $72,905.10.

FTC Solar Price Performance

NASDAQ FTCI opened at $2.35 on Tuesday. The stock’s 50 day simple moving average is $3.51 and its 200 day simple moving average is $4.61. FTC Solar, Inc. has a one year low of $1.99 and a one year high of $12.75. The firm has a market cap of $38.82 million, a PE ratio of -0.38 and a beta of 1.87.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Laurel Oak Wealth Management LLC bought a new stake in shares of FTC Solar during the first quarter worth approximately $60,000. Jane Street Group LLC bought a new position in FTC Solar in the second quarter valued at approximately $79,000. Goldman Sachs Group Inc. increased its stake in FTC Solar by 81.3% in 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 in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in FTC Solar in the fourth quarter valued at approximately $109,000. Finally, Hudson Bay Capital Management LP bought a new position in shares of FTC Solar during the fourth quarter worth $135,000. Institutional investors own 45.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. TD Cowen lowered their target price 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 reissued a “sell (d-)” rating on shares of FTC Solar in a report on Wednesday, June 24th. Wall Street Zen cut shares of FTC Solar from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Roth Capital set a $7.00 target price on shares of FTC Solar and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.50.

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.