FTC Solar (NASDAQ:FTCI) Shares Up 5.9% - What's Next?

Key Points

• FTC Solar's share price rose 5.9% to $8.07, with a significant increase in trading volume, up 190% from the average.
• UBS Group has reissued a "neutral" rating with an increased price target of $5.50, while the consensus rating remains a "Hold" with a target price of $4.25.
• Goldman Sachs increased its stake in FTC Solar by 81.3%, owning approximately 0.23% of the company after acquiring additional shares.

FTC Solar, Inc. (NASDAQ:FTCI - Get Free Report)'s stock price shot up 5.9% during mid-day trading on Friday . The company traded as high as $8.12 and last traded at $8.07. 154,197 shares were traded during mid-day trading, an increase of 190% from the average session volume of 53,175 shares. The stock had previously closed at $7.62.

Analyst Ratings Changes

Separately, UBS Group reiterated a "neutral" rating and issued a $5.50 target price (up previously from $3.80) on shares of FTC Solar in a research note on Monday, August 18th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, FTC Solar presently has an average rating of "Hold" and a consensus target price of $4.25.

FTC Solar Stock Up 0.5%

The company has a market cap of $113.31 million, a price-to-earnings ratio of -1.94 and a beta of 1.41. The company has a current ratio of 1.16, a quick ratio of 1.04 and a debt-to-equity ratio of 1.20. The firm's fifty day moving average price is $5.96 and its 200-day moving average price is $4.40.

Hedge Funds Weigh In On FTC Solar

A hedge fund recently raised its stake in FTC Solar stock. Goldman Sachs Group Inc. increased its stake in FTC Solar, Inc. (NASDAQ:FTCI - Free Report) by 81.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,581 shares of the company's stock after purchasing an additional 13,715 shares during the period. Goldman Sachs Group Inc. owned approximately 0.23% of FTC Solar worth $88,000 as of its most recent filing with the Securities and Exchange Commission. 45.36% of the stock is owned by institutional investors.

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.