Shaker Sadasivam Acquires 27,025 Shares of FTC Solar (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Shaker Sadasivam bought 27,025 shares of FTC Solar stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average price of $3.70 per share, with a total value of $99,992.50. Following the completion of the transaction, the director owned 81,508 shares of the company’s stock, valued at $301,579.60. This represents a 49.60% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

FTC Solar Stock Up 4.5%

Shares of NASDAQ FTCI opened at $4.18 on Thursday. The stock’s 50-day simple moving average is $4.81 and its two-hundred day simple moving average is $8.13. FTC Solar, Inc. has a twelve month low of $2.97 and a twelve month high of $12.75. The firm has a market capitalization of $65.17 million, a P/E ratio of -0.73 and a beta of 1.81.

FTC Solar (NASDAQ:FTCI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.26). The business had revenue of $17.27 million for the quarter, compared to analysts’ expectations of $24.26 million. FTC Solar had a negative return on equity of 549.96% and a negative net margin of 42.12%. As a group, research analysts anticipate that FTC Solar, Inc. will post -1.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FTCI has been the topic of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of FTC Solar in a research report on Friday, March 27th. HC Wainwright reissued a “buy” rating and issued a $20.00 target price (up from $5.00) on shares of FTC Solar in a research note on Wednesday, January 7th. TD Cowen lowered their price target on FTC Solar from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Wall Street Zen lowered FTC Solar from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.50.

Institutional Investors Weigh In On FTC Solar

Hedge funds have recently made changes to their positions in the business. Laurel Oak Wealth Management LLC bought a new position in shares of FTC Solar during the 1st quarter valued at $60,000. Jane Street Group LLC bought a new stake in FTC Solar in the second quarter worth $79,000. Goldman Sachs Group Inc. boosted 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 buying an additional 13,715 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in shares of FTC Solar during the fourth quarter valued at about $109,000. Finally, Hudson Bay Capital Management LP bought a new position in shares of FTC Solar during the fourth quarter valued at about $135,000. 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.