FTC Solar Stock to Reverse Split on Monday, December 2nd (NASDAQ:FTCI)

Shares of FTC Solar, Inc. (NASDAQ:FTCI) are going to reverse split on the morning of Monday, December 2nd. The 1-10 reverse split was announced on Wednesday, November 27th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, November 29th.

FTC Solar Price Performance

Shares of FTCI stock opened at $0.31 on Friday. FTC Solar has a one year low of $0.18 and a one year high of $1.00. The firm has a 50-day moving average of $0.51 and a 200-day moving average of $0.43. The company has a market cap of $40.23 million, a P/E ratio of -0.83 and a beta of 1.79.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. UBS Group dropped their target price on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research report on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $1.50 price objective on shares of FTC Solar in a report on Wednesday, November 13th. Finally, TD Cowen lowered their price target on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, FTC Solar has an average rating of “Hold” and an average price target of $0.85.

Insider Buying and Selling

In other news, Director Ahmad R. Chatila purchased 238,000 shares of FTC Solar stock in a transaction dated Friday, September 6th. The stock was purchased at an average cost of $0.21 per share, for a total transaction of $49,980.00. Following the transaction, the director now directly owns 1,951,046 shares of the company’s stock, valued at approximately $409,719.66. This trade represents a 13.89 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 22.60% of the stock is owned by insiders.

Hedge Funds Weigh In On FTC Solar

A number of institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in FTC Solar during the second quarter valued at approximately $42,000. Mercer Global Advisors Inc. ADV boosted its position in FTC Solar by 527.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock valued at $35,000 after buying an additional 83,334 shares during the period. Geode Capital Management LLC grew its stake in shares of FTC Solar by 9.2% during the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock valued at $522,000 after buying an additional 64,325 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of FTC Solar in the third quarter worth about $81,000. 45.36% of the stock is currently owned by 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.