FTC Solar (NASDAQ:FTCI) Trading Up 2% - Still a Buy?

Key Points

• FTC Solar's stock price increased by 2%, closing at $6.59 after trading as high as $6.79, despite a significant decline in trading volume.
• Several analysts raised their price targets on FTC Solar, with a consensus target price of $4.25 and a majority rating it as "Hold."
• Goldman Sachs recently increased its stake in FTC Solar by 81.3%, indicating growing institutional interest in the company.

FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report) shares traded up 2% on Thursday . The company traded as high as $6.79 and last traded at $6.59. 28,208 shares were traded during mid-day trading, a decline of 77% from the average session volume of 122,707 shares. The stock had previously closed at $6.46.

Wall Street Analysts Forecast Growth

Separately, UBS Group restated a "neutral" rating and issued a $5.50 price objective (up from $3.80) on shares of FTC Solar in a report on Monday, August 18th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, FTC Solar currently has an average rating of "Hold" and an average target price of $4.25.

FTC Solar Trading Down 5.2%

The stock's 50-day moving average price is $5.32 and its two-hundred day moving average price is $3.99. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.16 and a quick ratio of 1.04.

Institutional Trading of FTC Solar

A hedge fund recently raised its stake in FTC Solar stock. Goldman Sachs Group Inc. lifted 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 firm owned 30,581 shares of the company's stock after buying an additional 13,715 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.23% of FTC Solar worth $88,000 as of its most recent SEC filing. 45.36% of the stock is currently owned by hedge funds and other 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.