FTC Solar's (FTCI) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of FTC Solar (NASDAQ:FTCI - Free Report) in a report published on Monday, Benzinga reports. HC Wainwright currently has a $1.50 price target on the stock.

Several other equities research analysts have also issued reports on the stock. Roth Capital lowered shares of FTC Solar from a buy rating to a neutral rating in a report on Thursday, March 14th. Roth Mkm reiterated a neutral rating and set a $0.45 price target (down from $2.00) on shares of FTC Solar in a report on Thursday, March 14th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, FTC Solar currently has an average rating of Hold and an average price target of $1.49.

FTC Solar Trading Up 7.0 %

FTC Solar stock traded up $0.03 during trading hours on Monday, reaching $0.50. 616,014 shares of the stock were exchanged, compared to its average volume of 705,475. FTC Solar has a twelve month low of $0.28 and a twelve month high of $3.87. The company has a market cap of $62.79 million, a P/E ratio of -1.28 and a beta of 1.62. The stock has a 50 day moving average of $0.49 and a two-hundred day moving average of $0.59.

FTC Solar (NASDAQ:FTCI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. FTC Solar had a negative net margin of 47.92% and a negative return on equity of 59.38%. The business had revenue of $23.20 million for the quarter, compared to analyst estimates of $22.80 million. During the same quarter last year, the business posted ($0.16) EPS. On average, analysts expect that FTC Solar will post -0.26 earnings per share for the current fiscal year.

Insider Activity at FTC Solar

In related news, Director Ahmad R. Chatila purchased 101,800 shares of FTC Solar stock in a transaction on Monday, March 18th. The shares were purchased at an average price of $0.49 per share, for a total transaction of $49,882.00. Following the transaction, the director now owns 684,958 shares of the company's stock, valued at approximately $335,629.42. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Patrick Cook sold 48,911 shares of the business's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $0.53, for a total value of $25,922.83. Following the transaction, the insider now owns 1,245,205 shares in the company, valued at $659,958.65. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ahmad R. Chatila purchased 101,800 shares of the firm's stock in a transaction on Monday, March 18th. The shares were acquired at an average price of $0.49 per share, with a total value of $49,882.00. Following the completion of the acquisition, the director now owns 684,958 shares in the company, valued at approximately $335,629.42. The disclosure for this purchase can be found here. Insiders purchased 384,300 shares of company stock worth $200,436 over the last three months. Company insiders own 29.70% of the company's stock.

Institutional Investors Weigh In On FTC Solar

Institutional investors and hedge funds have recently made changes to their positions in the business. Connors Investor Services Inc. acquired a new position in FTC Solar in the third quarter valued at approximately $64,000. SG Americas Securities LLC bought a new position in FTC Solar during the fourth quarter worth $35,000. Fifth Lane Capital LP grew its holdings in FTC Solar by 200.0% in the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company's stock worth $40,000 after purchasing an additional 50,000 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in FTC Solar by 165.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 127,859 shares of the company's stock valued at $164,000 after purchasing an additional 79,695 shares in the last quarter. Finally, TTP Investments Inc. acquired a new position in shares of FTC Solar during the first quarter valued at about $80,000. Institutional investors own 45.36% of the company's stock.

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.