FTC Solar (NASDAQ:FTCI) Receives “Buy” Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of FTC Solar (NASDAQ:FTCI) in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a $1.50 price target on the stock.

Several other analysts have also issued reports on FTCI. UBS Group dropped their target price on FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a report on Friday, August 9th. TD Cowen dropped their price target on FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a report on Friday, August 9th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $0.85.

FTC Solar Stock Down 2.6 %

FTCI opened at $0.44 on Wednesday. The company has a fifty day simple moving average of $0.51 and a 200 day simple moving average of $0.44. FTC Solar has a 12 month low of $0.18 and a 12 month high of $1.00. The stock has a market cap of $56.58 million, a P/E ratio of -1.17 and a beta of 1.79.

Insider Activity

In other FTC Solar news, Director Ahmad R. Chatila purchased 238,000 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was acquired at an average price of $0.21 per share, for a total transaction of $49,980.00. Following the purchase, the director now owns 1,951,046 shares of the company’s stock, valued at $409,719.66. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other FTC Solar news, Director Ahmad R. Chatila bought 110,000 shares of FTC Solar stock in a transaction dated Wednesday, September 4th. The stock was purchased at an average price of $0.23 per share, for a total transaction of $25,300.00. Following the completion of the purchase, the director now directly owns 1,713,046 shares of the company’s stock, valued at approximately $394,000.58. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ahmad R. Chatila purchased 238,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were bought at an average price of $0.21 per share, for a total transaction of $49,980.00. Following the completion of the transaction, the director now owns 1,951,046 shares of the company’s stock, valued at approximately $409,719.66. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 748,000 shares of company stock worth $175,280 in the last quarter. 22.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FTC Solar

A hedge fund recently raised its stake in FTC Solar stock. Mercer Global Advisors Inc. ADV grew its stake in shares of FTC Solar, Inc. (NASDAQ:FTCI) by 527.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 99,120 shares of the company’s stock after buying an additional 83,334 shares during the quarter. Mercer Global Advisors Inc. ADV owned 0.08% of FTC Solar worth $35,000 at the end of the most recent quarter. 45.36% of the stock is owned by institutional investors.

About FTC Solar

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.