FTC Solar (NASDAQ:FTCI) Trading Down 5.4% – Time to Sell?

FTC Solar, Inc. (NASDAQ:FTCI) shares were down 5.4% on Monday . The company traded as low as $5.62 and last traded at $5.73. Approximately 182,337 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 207,014 shares. The stock had previously closed at $6.06.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a “buy” rating and set a $15.00 price objective on shares of FTC Solar in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, FTC Solar presently has an average rating of “Hold” and an average target price of $8.13.

FTC Solar Stock Performance

The stock has a market cap of $73.65 million, a PE ratio of -1.51 and a beta of 1.27. The firm’s 50-day moving average is $4.22 and its 200 day moving average is $4.11.

Insider Activity

In related news, CEO Yann Brandt purchased 31,450 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were purchased at an average price of $3.12 per share, for a total transaction of $98,124.00. Following the transaction, the chief executive officer now directly owns 691,700 shares of the company’s stock, valued at approximately $2,158,104. The trade was a 4.76 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 22.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV lifted its holdings in shares of FTC Solar by 527.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after purchasing an additional 83,334 shares during the period. XTX Topco Ltd acquired a new stake in shares of FTC Solar in the 3rd quarter worth $81,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of FTC Solar in the 2nd quarter worth $42,000. Finally, Geode Capital Management LLC boosted its holdings in shares of FTC Solar by 9.2% in the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock valued at $522,000 after acquiring an additional 64,325 shares in the last quarter. 45.36% of the stock is currently owned by hedge funds and other 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.