Wall Street Zen Downgrades FTC Solar (NASDAQ:FTCI) to Strong Sell

FTC Solar (NASDAQ:FTCI) was downgraded by research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report issued on Saturday, Wall Street Zen reports.

FTCI has been the topic of several other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of FTC Solar in a research report on Monday, September 21st. UBS Group raised shares of FTC Solar from a “neutral” rating to a “buy” rating and upped their price target for the company from $3.50 to $3.60 in a research report on Friday, September 18th. Finally, Roth Capital set a $7.00 price objective on shares of FTC Solar and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $8.90.

FTC Solar Price Performance

FTCI stock opened at $2.15 on Friday. The company has a market cap of $35.52 million, a P/E ratio of -0.34 and a beta of 1.76. FTC Solar has a 1 year low of $1.99 and a 1 year high of $12.75. The stock’s fifty day moving average price is $2.44 and its 200-day moving average price is $3.81.

Insider Buying and Selling at FTC Solar

In related news, CEO Anthony Carroll bought 24,745 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were bought at an average cost of $2.08 per share, with a total value of $51,469.60. Following the acquisition, the chief executive officer owned 666,200 shares in the company, valued at $1,385,696. This trade represents a 3.86% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Shaker Sadasivam purchased 101,083 shares of FTC Solar stock in a transaction on Friday, August 28th. The stock was bought at an average price of $2.69 per share, with a total value of $271,913.27. Following the transaction, 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 198,701 shares of company stock valued at $489,308 over the last 90 days. 21.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FTC Solar

Several hedge funds have recently modified their holdings of the stock. Laurel Oak Wealth Management LLC purchased a new position in shares of FTC Solar in the 1st quarter worth $60,000. Renaissance Technologies LLC increased its holdings in shares of FTC Solar by 178.0% in 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 during the last quarter. Finally, Electron Capital Partners LLC purchased a new stake in shares of FTC Solar during the 4th quarter valued at about $979,000. Hedge funds and other institutional investors own 45.36% of the company’s stock.

About FTC Solar

FTC Solar, Inc (NASDAQ: FTCI) is a technology company that provides solar tracking systems, software and engineering services for utility-scale photovoltaic power projects. Its solutions are designed to improve the positioning of solar panels throughout the day, helping project developers and operators optimize energy production and manage system performance.

The company’s product portfolio includes single-axis solar trackers and related hardware, as well as software tools for project design, energy forecasting, monitoring and operational management.