FTC Solar, Inc. (NASDAQ:FTCI) CEO Acquires $98,124.00 in Stock

FTC Solar, Inc. (NASDAQ:FTCI) CEO Yann Brandt purchased 31,450 shares of the stock in a transaction dated Friday, December 13th. The shares were bought at an average price of $3.12 per share, for a total transaction of $98,124.00. Following the completion of the acquisition, the chief executive officer now owns 691,700 shares in the company, valued at $2,158,104. This represents a 4.76 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website.

FTC Solar Stock Down 8.5 %

FTCI stock opened at $3.01 on Thursday. The company has a market capitalization of $38.46 million, a price-to-earnings ratio of -0.79 and a beta of 1.56. The firm has a 50 day moving average of $4.52 and a two-hundred day moving average of $4.11. FTC Solar, Inc. has a 12 month low of $1.76 and a 12 month high of $8.90.

Hedge Funds Weigh In On FTC Solar

Hedge funds have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV lifted its position in shares of FTC Solar by 527.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after buying an additional 83,334 shares during the last quarter. XTX Topco Ltd bought a new position in shares of FTC Solar in the 3rd quarter valued at approximately $81,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in FTC Solar in the 2nd quarter worth approximately $42,000. Finally, Geode Capital Management LLC boosted its position in FTC Solar by 9.2% during the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock worth $522,000 after purchasing an additional 64,325 shares during the period. 45.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of FTC Solar in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, FTC Solar presently has an average rating of “Hold” and a consensus price target of $8.13.

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.