FTC Solar (NASDAQ:FTCI) Director Shaker Sadasivam Buys 27,025 Shares

Key Points

• Director Shaker Sadasivam bought 27,025 shares on May 6 at $3.70 each (≈$99,992.50), increasing his holding to 81,508 shares — a 49.6% jump in ownership.
• FTC Solar reported Q — EPS of ($0.67) missed the ($0.41) consensus and revenue was $17.27M versus $24.26M expected, leaving the company with a negative net margin (42.12%) and very weak ROE.
• The stock traded up about 4.5% to ~$4.18 after the news; institutional investors own ~45% of shares and analysts hold a consensus “Hold” rating with a $12.50 price target.

FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) Director Shaker Sadasivam acquired 27,025 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average cost of $3.70 per share, for a total transaction of $99,992.50. Following the completion of the purchase, the director owned 81,508 shares of the company's stock, valued at $301,579.60. This trade represents a 49.60% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

FTC Solar Stock Up 4.5%

Shares of NASDAQ FTCI opened at $4.18 on Thursday. The company has a market capitalization of $65.17 million, a PE ratio of -0.73 and a beta of 1.81. FTC Solar, Inc. has a twelve month low of $2.97 and a twelve month high of $12.75. The firm has a fifty day simple moving average of $4.81 and a 200 day simple moving average of $8.13.

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

Hedge Funds Weigh In On FTC Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in FTCI. Captrust Financial Advisors bought a new position in shares of FTC Solar during the 4th quarter valued at approximately $745,000. Squarepoint Ops LLC purchased a new position in FTC Solar in the fourth quarter valued at approximately $581,000. OMERS ADMINISTRATION Corp bought a new position in FTC Solar during the fourth quarter valued at $314,000. Hudson Bay Capital Management LP bought a new position in FTC Solar during the fourth quarter valued at $135,000. Finally, State Street Corp increased its position in FTC Solar by 53.4% in the fourth quarter. State Street Corp now owns 43,971 shares of the company's stock worth $480,000 after buying an additional 15,300 shares during the last quarter. 45.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on FTCI. Wall Street Zen lowered shares of FTC Solar from a "hold" rating to a "sell" rating in a research report on Saturday, March 28th. HC Wainwright reiterated a "buy" rating and issued a $20.00 price objective (up from $5.00) on shares of FTC Solar in a research note on Wednesday, January 7th. TD Cowen cut their target price on FTC Solar from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of FTC Solar in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $12.50.

FTC Solar Company Profile

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.

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