FTC Solar (NASDAQ:FTCI) Stock Price Down 3.2% - Here's Why

Key Points

• FTC Solar's stock price fell by 3.2%, closing at $5.22 after trading as low as $5.07.
• Goldman Sachs increased its holdings in FTC Solar by 81.3%, owning approximately 30,581 shares worth $88,000, indicating institutional interest.
• Roth Mkm raised the price target for FTC Solar from $3.00 to $3.50 while maintaining a "neutral" rating on the stock.

FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) shares were down 3.2% during trading on Wednesday . The company traded as low as $5.07 and last traded at $5.22. Approximately 129,359 shares changed hands during trading, an increase of 18% from the average daily volume of 110,005 shares. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

Separately, Roth Mkm upped their price objective on shares of FTC Solar from $3.00 to $3.50 and gave the company a "neutral" rating in a report on Friday, May 2nd.

FTC Solar Stock Down 10.0%

The firm's fifty day moving average price is $4.86 and its two-hundred day moving average price is $3.78. The stock has a market cap of $68.00 million, a price-to-earnings ratio of -1.17 and a beta of 1.40. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.16 and a quick ratio of 1.26.

Institutional Investors Weigh In On FTC Solar

An institutional investor recently raised its position in FTC Solar stock. Goldman Sachs Group Inc. increased its holdings in FTC Solar, Inc. (NASDAQ:FTCI - Free Report) by 81.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,581 shares of the company's stock after acquiring an additional 13,715 shares during the period. Goldman Sachs Group Inc. owned about 0.23% of FTC Solar worth $88,000 at the end of the most recent quarter. 45.36% of the stock is currently owned by institutional investors and hedge funds.

FTC Solar Company Profile

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.