FTC Solar (NASDAQ:FTCI) Shares Down 10.5% - Here's Why

Key Points

• FTC Solar shares fell 10.5% on Friday, trading as low as $3.70 amid a surge in volume to 395,538 shares, well above its average daily volume.
• The decline came despite mixed analyst sentiment: the stock currently has a Hold consensus rating, though TD Cowen still has a Buy rating and a $5 price target while Weiss Ratings reiterated a Sell rating.
• The company’s most recent earnings were weak, with EPS of -$0.67 versus expectations of -$0.41 and revenue of $17.27 million, missing the $24.26 million consensus estimate.

FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report)'s stock price was down 10.5% during trading on Friday . The company traded as low as $3.70 and last traded at $3.85. Approximately 395,538 shares traded hands during trading, an increase of 335% from the average session volume of 90,875 shares. The stock had previously closed at $4.30.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of FTC Solar in a research note on Wednesday, June 24th. Wall Street Zen upgraded FTC Solar from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. Finally, TD Cowen reduced their price objective on FTC Solar from $8.00 to $5.00 and set a "buy" rating on the stock in a report on Wednesday, May 6th. Three equities research 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $12.50.

FTC Solar Trading Down 10.5%

The firm has a market cap of $61.60 million, a PE ratio of -0.67 and a beta of 1.80. The business's 50-day simple moving average is $4.85 and its 200 day simple moving average is $6.51.

FTC Solar (NASDAQ:FTCI - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.26). The firm had revenue of $17.27 million for the quarter, compared to analysts' expectations of $24.26 million. Analysts expect that FTC Solar, Inc. will post -1.61 earnings per share for the current year.

Insider Activity

In related news, Director Shaker Sadasivam acquired 27,025 shares of the stock in a transaction dated Wednesday, May 6th. The stock was acquired 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 approximately $301,579.60. This represents a 49.60% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired a total of 36,775 shares of company stock valued at $134,810 over the last three months. Company insiders own 21.00% of the company's stock.

Hedge Funds Weigh In On FTC Solar

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in FTC Solar by 18.4% during the 3rd quarter. Vanguard Group Inc. now owns 342,858 shares of the company's stock valued at $2,417,000 after purchasing an additional 53,391 shares during the last quarter. Walleye Capital LLC purchased a new position in shares of FTC Solar in the fourth quarter worth about $1,482,000. Geode Capital Management LLC lifted its holdings in shares of FTC Solar by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 112,308 shares of the company's stock worth $1,226,000 after purchasing an additional 8,518 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of FTC Solar by 178.0% during the first quarter. Renaissance Technologies LLC now owns 93,400 shares of the company's stock worth $353,000 after purchasing an additional 59,800 shares during the period. Finally, Electron Capital Partners LLC purchased a new stake in FTC Solar in the fourth quarter valued at approximately $979,000. 45.36% of the stock is owned by institutional investors and hedge funds.

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.

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