Wall Street Zen Downgrades FTC Solar (NASDAQ:FTCI) to Sell

Key Points

• Wall Street Zen downgraded FTC Solar (NASDAQ:FTCI) from a "hold" to a "sell."
• Shares opened at $4.04 and were trading down about 6.5%, with a market cap near $63 million, 50-day/200-day SMAs of $7.84/$8.72 and a one‑year range of $2.13–$12.75.
• Company insiders have been selling stock (CEO sold 37,775 shares; COO sold 3,239), insiders own 21% of shares while institutional investors hold about 45.4%, and several hedge funds added new positions in Q4.

FTC Solar (NASDAQ:FTCI - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

FTCI has been the topic of a number of other research reports. TD Cowen decreased their price target on FTC Solar from $12.50 to $8.00 and set a "buy" rating on the stock in a research report on Friday, March 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of FTC Solar in a research report on Monday, December 29th. UBS Group reiterated a "neutral" rating and set a $10.00 price objective (up from $5.50) on shares of FTC Solar in a research note on Tuesday, December 2nd. Finally, HC Wainwright reissued a "buy" rating and issued a $20.00 target price (up from $5.00) on shares of FTC Solar in a report on Wednesday, January 7th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, FTC Solar has an average rating of "Hold" and a consensus target price of $13.25.

FTC Solar Trading Down 6.5%

Shares of NASDAQ:FTCI opened at $4.04 on Friday. The business's 50 day simple moving average is $7.84 and its 200 day simple moving average is $8.72. FTC Solar has a 1 year low of $2.13 and a 1 year high of $12.75. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.43 and a quick ratio of 1.53. The company has a market capitalization of $62.98 million, a P/E ratio of -0.72 and a beta of 1.48.

Insider Activity

In other news, CEO Yann Brandt sold 37,775 shares of the business's stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $10.84, for a total transaction of $409,481.00. Following the sale, the chief executive officer directly owned 776,425 shares in the company, valued at approximately $8,416,447. The trade was a 4.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Sasan Aminpour sold 3,239 shares of the company's stock in a transaction that occurred on Tuesday, December 30th. The shares were sold at an average price of $10.93, for a total value of $35,402.27. Following the completion of the transaction, the chief operating officer directly owned 269,734 shares of the company's stock, valued at $2,948,192.62. This represents a 1.19% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 42,660 shares of company stock worth $462,874. Company insiders own 21.00% of the company's stock.

Hedge Funds Weigh In On FTC Solar

Large investors have recently modified their holdings of the business. Walleye Capital LLC acquired a new position in shares of FTC Solar during the fourth quarter worth $1,482,000. Electron Capital Partners LLC acquired a new stake in FTC Solar in the fourth quarter valued at $979,000. Informed Momentum Co LLC bought a new position in FTC Solar during the 4th quarter worth $836,000. Marshall Wace LLP bought a new position in FTC Solar during the 4th quarter worth $762,000. Finally, Captrust Financial Advisors acquired a new position in FTC Solar during the 4th quarter worth about $745,000. Institutional investors own 45.36% of the company's stock.

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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